coindesk.com
The U.K. tax service said 240 people declared more than 1 million pounds ($1.36 million) each in capital gains from cryptocurrencies in fiscal 2025, the first year the figures were required in personal tax returns, for a total of 717 million pounds.
HM Revenue and Customs (HMRC) said 17,600 people, almost 90% of them men, declared taxable crypto disposals for the year ended April 5, 2025. The total taxable gains from digital assets amounted to 1.38 billion pounds ($1.77 billion), an average of 78,000 pounds per person.
The figures are the first time HMRC has broken out crypto capital gains, following the introduction of a dedicated section in the U.K.'s self-assessment return.
The tax authority has begun implementing the Cryptoasset Reporting Framework, an Organisation for Economic Cooperation and Development (OECD) standard requiring crypto service providers to report customer data to tax authorities. HMRC will start receiving that data in 2027, allowing it to cross-check information provided by taxpayers.
HMRC said its compliance and education activity generated an additional 168 million pounds ($228.2 million) in capital gains tax in 2024-25 alone.