HMRC published its first crypto-specific tax figures: 17,600 individuals reported £1.38 billion in capital gains for the 2024-2025 tax year. Just 240 investors, each reporting over £1 million in gains, accounted for £717 million, representing more than half of the total. These figures come from a dedicated crypto section added to Self Assessment returns and capture only declared taxable disposals, not all crypto transactions in the UK. From 2027, the implementation of the CARF framework will require crypto platforms to directly report customer and transaction data to HMRC, allowing the tax authority to cross-reference this information with taxpayer declarations. HMRC separately estimated that its crypto compliance and education work generated £168 million in additional Capital Gains Tax during 2024-2025.
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