HMRC: 240 Crypto Millionaires Declared £1M+ Gains in 2024-25

In the 2024-25 tax year, HM Revenue and Customs recorded 240 individuals who each reported cryptoasset gains exceeding £1 million ($1.35 million). This marks the first time such data has been broken out.

The figures were published by HMRC as part of its annual Capital Gains Tax report.

Where the Crypto Gains Were Concentrated

The 240 crypto millionaires accounted for £717 million ($974 million) in total gains. According to the data, that sum represents slightly more than half of all crypto gains reported to HMRC in that period.

A broader group of 17,600 individuals made cryptoasset disposals subject to CGT during the same tax year. The disposal proceeds from these transactions reached £13.8 billion ($18.8 billion).

The taxable profit on those disposals amounted to £1.38 billion ($1.88 billion), equating to an average gain of around £78,000 per person. Approximately 87% of filers were men, while women made up about 13%.

“Taxes are due on cryptoasset gains just like any other gains,” James Murray, Financial Secretary to the Treasury, said.

What the Blockchain Data Adds

Chainalysis, a blockchain analytics firm, estimated UK taxable crypto activity at $19.4 billion in 2025. This placed the UK behind only the United States, Germany, and China. The figure breaks down into $6.0 billion in gains, $3.3 billion in income, and $10.1 billion in payments.

Chainalysis described its methodology as conservative and its estimate as a floor. The analysis spanned six blockchains. However, the report excluded activity on centralized exchanges, did not cover all blockchains, and omitted certain transaction types and venues.

HMRC has a new measure in the pipeline. The Cryptoasset Reporting Framework (CARF) came into force in January 2026. Providers that do not comply face a £300 penalty per customer.

“Under CARF, cryptoasset service providers will be required to report customer information to tax authorities. HMRC will receive data from 2027, helping to identify cryptoasset gains and income that have not been declared,” the press release said.

Still, the framework has its own limitations. According to Chainalysis, CARF covers only 14% of global on-chain taxable activity. The remaining 86% comprises decentralized exchange trades, peer-to-peer transfers, on-chain income, and payments.