UK HMRC: 240 Crypto Holders Cleared £1M+ Gains, 17,600 Filers Report $1.9B Total

HM Revenue and Customs published its first breakdown of crypto capital gains on Thursday, showing 17,600 UK taxpayers declared a combined figure close to $1.9 billion in gains during the 2024 to 2025 tax year. Within that group, 240 individuals each reported more than £1 million, a threshold that two independent outlets converted to slightly different dollar figures: $1.4 million and $1.3 million.

What Two Sources Confirm, and What They Don’t

Both Cointelegraph and CoinDesk report the same core shape of the data: 17,600 filers, 240 people clearing seven-figure gains, and total reported gains landing between $1.87 billion and $1.9 billion for the year. That gap is small enough to read as a currency-conversion artifact rather than a factual disagreement. The underlying HMRC figure, cited directly by Cointelegraph, is £1 million as the threshold for the 240-person cohort, and each outlet appears to have applied its own GBP-to-USD rate at time of writing.

Beyond that shared core, some figures currently rest on a single source. Cointelegraph reported that the 240 top filers together declared roughly $975 million, and that total disposals, meaning assets sold or traded regardless of profit, reached $18.7 billion across all 17,600 filers. Those numbers have not yet appeared in a second independent report and should be treated as provisional until corroborated.

First Time HMRC Has Broken Out Crypto Separately

According to the reporting, this is the first tax year in which HMRC has isolated crypto-asset gains as a distinct category rather than folding them into general capital gains disclosures. The agency’s move coincides with the rollout of the OECD’s Crypto-Asset Reporting Framework, under which crypto-asset service providers will be required to report client gains and losses directly to tax authorities, closing a gap that previously relied on self-reporting.

Cointelegraph cited an OECD estimate that onchain crypto activity expected to be taxable totaled $457 billion globally in 2025, a figure not repeated elsewhere in available reporting and worth flagging as single-sourced pending confirmation from a second outlet or the OECD’s own published data.

Enforcement Letters and an Official Statement

Cointelegraph also reported that HMRC sent more than 81,000 letters to individuals it suspected of underpaying tax on crypto holdings, part of a wider compliance push that predates this week’s data release. That figure, too, currently has one reporting source.

James Murray, Financial Secretary to the UK Treasury and Paymaster General, was quoted saying: “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.” The quote appears in Cointelegraph’s report and has not been independently verified by a second outlet at the time of writing.

Reading the Discrepancy

For traders and small desks tracking UK tax exposure, the practical takeaway sits in the confirmed range rather than either single number. Total reported crypto gains for the 2024-2025 tax year fall between $1.87 billion and $1.9 billion, filed by 17,600 people, with 240 of them clearing £1 million or more. The CARF reporting requirement for crypto-asset service providers is the mechanism that will make next year’s HMRC breakdown harder to avoid, regardless of which currency conversion an outlet chooses to publish.

Read more: Bank of England Gets New Stablecoin Duty, Bill Heads to Lords in September

Sources

• cointelegraph.com
• coindesk.com