240 crypto millionaires surface in HMRC's first cryptoasset gains data

HMRC has published figures on cryptoasset gains for the first time, and they show a small group of investors reporting very large sums indeed.

A first look at the numbers

For anyone who assumed crypto profits slip quietly under the taxman's radar, new figures from HM Revenue and Customs tell a rather different story. Published on 27 August 2026 as part of HMRC's annual Capital Gains Tax statistics, the data reveals that 240 people each reported more than £1 million in capital gains from cryptoassets in the 2024 to 2025 tax year. Between them, that group alone accounted for £717 million of gains.

Widen the lens and the picture fills out. Across the same year, 17,600 individuals made Capital Gains Tax-liable disposals of cryptoassets such as Bitcoin, Ethereum and Dogecoin. Together they reported total disposal proceeds of £13.8 billion and gains of £1.38 billion, working out at an average gain of roughly £78,000 per person. The figures also show a striking gender split: around 87% of those reporting cryptoasset gains were male, and around 13% were female.

This is the first time HMRC has published this particular slice of data. It has become possible because the Self Assessment tax return now includes a dedicated section for cryptoasset capital gains, giving the department a clearer view of who is making money from digital assets and how much.

Why HMRC is drawing attention to it

The message from ministers and officials is that crypto is not a special case when it comes to tax. 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.” He added that the work was “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, struck a similar note while pointing to what is coming next. “We want to make it as easy as possible for people to understand and meet their tax obligations when it comes to cryptoassets,” he said. “As new international reporting rules come into force, it's more important than ever for people to check they are paying any tax owed.”

HMRC also credits its own outreach for part of the tax now being collected. The department estimates that an additional £168 million of Capital Gains Tax was generated in 2024 to 2025 as a direct result of the compliance and education work it has carried out on cryptoassets, including guidance and social media activity running since late 2023.

The reporting net tightens from 2027

The reason officials keep nodding towards the future is a new set of international rules. From January 2026 the UK began implementing the Cryptoasset Reporting Framework, or CARF, a standard developed by the Organisation for Economic Co-operation and Development. Under CARF, cryptoasset service providers will be required to report customer information to tax authorities, and HMRC will start receiving that data from 2027. In practice, that means the department will be able to cross-check what platforms know against what individuals have declared, helping it spot gains and income that were never reported.

Providers that fail to comply face penalties of up to £300 per user, a figure that could add up quickly for larger platforms.

For individuals, the tax treatment depends on what they do with their coins. Capital Gains Tax may apply when someone disposes of cryptoassets, which includes selling them, swapping one type for another, using them to pay for goods or services, or giving them away to anyone other than a spouse, civil partner or charity. Income Tax and National Insurance can also bite where cryptoassets are received through employment, self-employment, mining, staking or lending. Anyone with tax to declare for the 2025 to 2026 year needs to report it and pay by the Self Assessment deadline of 31 January 2027, while those with historic gaps can use HMRC's Crypto Disclosure Service to put things right.

Implications

The headline about 240 crypto millionaires is eye-catching, but the more important signal for investors is what sits behind it. HMRC now has a dedicated return box, its own published data, and from 2027 a direct feed of information from the platforms people trade on. The days of assuming crypto activity is invisible to the tax authority are effectively over.

For UK taxpayers with any crypto exposure, the practical takeaway is to keep clear records of every disposal and to check their position before the data-sharing regime beds in. Voluntary disclosure through HMRC's dedicated service is almost always a better route than waiting for the department to make contact once it has platform data in hand. As the reporting framework matures, the gap between what investors declare and what HMRC can independently see is set to narrow sharply, and unexplained shortfalls will be far easier to identify.