HMRC Crypto Millionaires: £717M Gains Reported by 240 People
HMRC Crypto Millionaires: The £717M Headline Explained
HMRC has published its first official count of people reporting more than £1 million in cryptoasset gains. UK tax authority HM Revenue and Customs confirmed on August 27 that 240 people reported more than £1 million each in capital returns from cryptoassets during the 2024-25 tax year, with that group collectively declaring £717 million ($975 million) in profits.
The Headline Numbers
Per HMRC's official statistics, published as part of its annual Capital Gains Tax release, this is the first time the authority has broken out cryptoasset-specific data at this level of detail. Key figures for the 2024-25 tax year:
Metric | Figure |
People reporting £1M+ in digital asset profits | 240 |
Combined returns from that group | £717 million (~$975 million) |
Total individuals reporting any taxable digital asset profits | 17,600 |
Total taxable digital asset profits across all individuals | £1.38 billion |
Total crypto disposal proceeds reported | £13.8 billion |
Average gain per individual | £78,000 |
Gender split among filers | ~87% male, ~13% female |
This data only exists because HMRC introduced a dedicated cryptoasset section within the Self Assessment taxation return specifically for this filing year — meaning the true historical scale of UK crypto millionaires in earlier years was never centrally tracked in this way.
Who's Actually Reporting Crypto Gains in the UK?
The 17,600 people captured in this data represent everyone who made a Capital profits Tax-liable disposal of assets like Bitcoin, Ethereum, or Dogecoin during the year — not just the headline group of HMRC crypto millionaires. Per HMRC's own definition, a taxable "disposal" includes:
Selling cryptoassets for fiat currency
Exchanging one cryptoasset for a different one
Using cryptoassets to pay for goods or services
Giving cryptoassets away to someone other than a spouse, civil partner, or registered charity
Separately, HMRC notes that Income Tax and National Insurance can apply to cryptoassets received through employment, self-employment, mining, staking, or lending — these are reported through existing Income Tax provisions, not the Capital Gains Tax return this data comes from.
Why This Data Exists Now: CARF and the 2027 Reporting Shift
The release of this HMRC crypto millionaires data lines up with a bigger structural change already underway. Since January 2026, the UK has been implementing the Cryptoasset Reporting Framework (CARF) — an international standard developed by the OECD.
Under CARF, cryptoasset service providers will be legally required to report customer information directly to authorities
HMRC will begin receiving this data from 2027, giving the department direct visibility into earnings and income that individuals haven't declared themselves
Service providers that fail to comply face penalties of up to £300 per user
HMRC has separately stated its existing compliance and education work on cryptoassets — including social media outreach since late 2023 — generated an estimated additional £168 million in Capital Gains during 2024-25 alone
Financial Secretary to the Treasury James Murray framed the release directly around closing the gap: "Taxes are due on cryptoasset profits just like any other gains, and we want to make sure people making gains from cryptocurrencies know about what taxes they owe." HMRC's Permanent Secretary John-Paul Marks added that the goal is making fiscal obligation easy to understand "as new international reporting rules come into force."
What UK Crypto Holders Need to Do Before January 2027
For anyone holding virtual assets in the UK, this release has a practical deadline attached, not just a headline statistic:
Declare income or gains for the 2025-26 tax year above the tax-free allowance through Self Assessment
The filing deadline is 31 January 2027
Anyone with undeclared gains from previous years can use HMRC's Crypto Disclosure Service on GOV.UK to come forward voluntarily, ahead of CARF data starting to flow to HMRC automatically
Check GOV.UK guidance directly for which specific transaction types count as taxable disposals
Conclusion
HMRC's first official count of crypto millionaires — 240 individuals, £717 million in combined earnings— offers a genuine, if narrow, snapshot of how much wealth UK crypto investors have realized in a single fiscal obligation year. But the more consequential part of this release isn't the headline number itself; it's the confirmation that automatic, cross-border reporting under CARF begins feeding HMRC data from 2027, closing the gap between what people report voluntarily and what the authority can independently verify.
Disclaimer
This article is for informational purposes only and does not constitute financial or legal advice. All figures and quotes are drawn directly from HM Revenue and Customs' official press release and Capital Gains Tax statistics. Tax rules and reporting requirements can change; always consult official GOV.UK guidance or a qualified professional regarding your own cryptoasset reporting obligation.
