Report: Reform UK plans £100M yearly tax cut for crypto investors

The tax cut proposals, which would benefit wealthy cryptocurrency investors by hundreds of millions of pounds, emerged just days after Reform UK accepted £72 million from two crypto billionaires.

Under Reform's plan, the capital gains tax rate would reportedly fall to 10% for everyone, cutting it from 24% for high-rate taxpayers and from 18% for basic-rate payers.

HMRC data for 2025 showed that 17,600 crypto investors in the UK realised £1.38 billion in capital gains.

Of that total, £717 million came from just 240 investors who each earned more than £1 million annually.

According to The Independent, Reform's tax reductions would save those 240 high-rate taxpayers over £100 million every year, and roughly five times that over a five-year parliament.

Two tax specialists warned the newspaper that the cuts could harm the UK economy.

Billionaires set records for UK political donations

Reform UK and its leader Nigel Farage are embroiled in a crypto scandal due to support from Tether shareholder Christopher Harborne and former BitMEX executive Ben Delo.

Last weekend, each of the two donors gave £36 million to Reform. Byline Times reported that these contributions may violate the government's limits on overseas donations.

Reform UK pulls crypto bill from website amid Christopher Harborne ‘gift’ scandal

Read more: Nigel Farage accused of undervaluing Christopher Harborne jet loan by $666K

Harborne's most recent contributions bring his total donations to Reform to £61 million. That figure excludes the £5 million “gift” he gave to Farage, which triggered probes by the UK Parliamentary Standards Commissioner.

Even as Reform courted crypto voters, it removed its crypto manifesto from its website in July amid the Harborne scandal.

Reform keeps spoiling stories

The incidents have also prompted concerns about journalistic ethics.

When The Sunday Times sought comment from Reform about the multimillion-pound donations, the party fed the story to The Telegraph, which then ran a more favorable headline before The Sunday Times could publish its own.

Similarly, after The Guardian contacted Reform about Harborne's £5 million “gift”, Reform also provided the story to The Telegraph.