UK Crypto Millionaires: 240 People Claimed Over Half of £1.38B in Gains
In brief
- 240 crypto millionaires declared over £1 million each, reporting £717 million combined
- 17,600 individuals filed crypto disposals in 2024-25, with 81% aged 54 or under
- 87% of crypto taxpayers were men, who booked 93% of total gains
- 65% of filers reported gains under £25,000, accounting for just 7% of total gains
- HMRC will receive cryptoasset data from service providers starting 2027 under OECD rules
The Numbers
17,600 individuals filed crypto disposals in 2024-25, HMRC's first year tracking cryptoasset gains separately on Self Assessment returns. The 240 millionaires reported £717 million between them. At the other end, 65% of filers reported gains under £25,000, yet those smaller gains accounted for just 7% of total proceeds.
The demographic snapshot is striking. 81% of crypto taxpayers were 54 or under, with 54% aged between 25 and 44. The gender skew is even more pronounced: 87% of those reporting gains were men, who booked 93% of total gains. Younger traders moved far more volume—people aged 25 to 44 accounted for 71% of all disposal proceeds but only 45% of realized gains, suggesting they traded more frequently at smaller profit margins.
Reporting Framework and Compliance
Cryptoasset disposals were previously lumped in with other property on Self Assessment returns, making it difficult for HMRC to track the sector. A dedicated section now forces disclosure. The UK began implementing the OECD's Cryptoasset Reporting Framework in January 2026, requiring service providers to report holdings and transactions. HMRC will start receiving that data in 2027.
"Taxes are due on cryptoasset gains just like any other gains." — James Murray, Financial Secretary to the Treasury
Service providers that fail to comply face penalties of up to £300 per user. The Treasury is also planning a carve-out: it plans to defer capital gains tax on DeFi lending and liquidity pool deposits until assets are genuinely disposed of, recognizing that yield farming creates tax complexity without obvious liquidity events.
The 2024-25 figures arrive as total capital gains hit a record £127 billion, generating £24.2 billion in tax. Crypto's share remains modest in absolute terms, but the concentration of wealth and the young, male-dominated profile of the taxpayer base suggest the sector is still in early adoption—and that future OECD-powered reporting will likely reveal far more undeclared activity.
