Cryptocurrency holders reminded to meet their tax obligations

With recent figures showing there are 240 UK crypto millionaires, cryptocurrency holders are being reminded that they must meet their tax obligations.

This is the first time that HMRC has published such data, following the recent introduction of a cryptoasset capital gains section within self-assessment.

Annual Capital Gains Tax Statistics

The data, published as part of HMRC’s annual Capital Gains Tax Statistics, revealed that 240 people declared more than £1 million in capital gains from cryptoassets in the 2024 to 2025 tax year, with the same group reporting a total of £717 million in cryptoasset gains

In the 2024 to 2025 tax year, 17,600 individuals were making Capital Gains Tax-liable disposals of cryptoassets such as Bitcoin, Ethereum and Dogecoin.

Collectively, these taxpayers reported total cryptoasset disposal proceeds of £13.8 billion and gains of £1.38 billion.

Interestingly, the data also shows that around 87% of individuals reporting cryptoasset gains were male and around 13% were female.

More Important Than Ever for People to Check They Are Paying Any Tax Owed

James Murray MP, Financial Secretary to the Treasury and Paymaster General, said, “Taxes are due on cryptoasset gains just like any other gains, and we want to make sure people making gains from crypto know about what taxes they owe.

“This important work is supporting the Government’s efforts to close the tax gap, so that everyone pays their fair share towards our vital public services.”

John-Paul Marks, HMRC’s Permanent Secretary and Chief Executive, added, “We want to make it as easy as possible for people to understand and meet their tax obligations when it comes to cryptoassets.

“As new international reporting rules come into force, it’s more important than ever for people to check they are paying any tax owed.”

To find out more about contracting, please get in touch with Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.