HMRC Says 240 UK Taxpayers Reported Over 1 Million Pounds in Crypto Capital Gains

The U.K. tax authority said 240 individuals each reported more than 1 million pounds in cryptoasset capital gains in the 2024 to 2025 tax year, totaling 717 million pounds and accounting for more than half of the overall amount. According to Odaily, HMRC said the 17,600 taxpayers who filed crypto gains reported 1.38 billion pounds in capital gains and 13.8 billion pounds in disposal proceeds. Taxpayers reporting less than 25,000 pounds in capital gains made up 65% of filers but contributed only 7% of capital gains and 8% of disposal proceeds. Among cryptoasset taxpayers, 54% were aged 25 to 44, 81% were 54 or younger, and men accounted for 87% of filers and 93% of capital gains. The U.K. is advancing regulation under the OECD Cryptoasset Reporting Framework, which requires trading service providers to share customer information with tax authorities. HMRC will begin receiving the data in 2027, and providers that fail to comply could face fines of up to 300 pounds per user. U.K. Treasury financial secretary James Murray said cryptoasset capital gains are taxed the same way as other capital gains. The Treasury also plans to defer capital gains tax on DeFi lending and deposits into liquidity pools until the assets are actually disposed of. For the 2025 to 2026 tax year, capital gains above the tax-free allowance must be reported by January 31, 2027.