On 27 August 2026, HMRC revealed that 240 people declared more than £1 million each in crypto gains in the 2024/25 tax year. The data comes from the new crypto section of the Self Assessment return.

This article explains what the figures show, the new reporting rules that give HMRC even more data, when crypto is taxed, and how to put things right if you have not declared everything.

What the new HMRC figures show

The figures come from HMRC’s annual Capital Gains Tax statistics, published on 27 August 2026 (see the HMRC press release). For the 2024/25 tax year:

• 240 people declared more than £1 million each in crypto gains, worth £717 million in total
• 17,600 people made taxable disposals of cryptoassets such as Bitcoin, Ethereum and Dogecoin
• they reported proceeds of £13.8 billion and gains of £1.38 billion, around £78,000 each on average

It is the first time HMRC has published this data, because the Self Assessment return now has its own crypto section. HMRC also says its crypto education and compliance work brought in an extra £168 million in Capital Gains Tax in 2024/25.

HMRC is about to know much more

Since January 2026, the UK has been applying the international Cryptoasset Reporting Framework (CARF). Crypto platforms and exchanges must collect information about their customers and report it to tax authorities, and HMRC expects to start receiving this data in 2027. Providers that do not comply can be fined up to £300 per user. Read our guide to the CARF reporting rules.

In practice, this means HMRC will be able to match what you bought and sold with what you declared. Gaps are likely to lead to letters and enquiries.

When is crypto taxed?

Capital Gains Tax

You may owe Capital Gains Tax when you dispose of crypto. That includes:

• selling it for pounds or another currency
• exchanging one cryptoasset for another
• using it to pay for goods or services
• giving it away, unless the gift is to your spouse, civil partner or a charity

For 2026/27, the first £3,000 of total gains is tax-free (the annual exempt amount). Gains above that are taxed at 18% within your basic rate band and 24% above it.

Income Tax

Crypto you receive from employment, self-employment, mining, staking or lending can be subject to Income Tax and National Insurance instead. There is no separate box for this on the return; it goes under the normal Income Tax rules. Our crypto tax return service covers both.

The deadline for your 2025/26 crypto

If your crypto gains or income for the 2025/26 tax year are above the tax-free allowances, you must declare them on your Self Assessment return and pay the tax by 31 January 2027. Remember that swapping one coin for another counts as a disposal, even if you never cashed out to pounds.

What if you have not declared crypto in earlier years?

HMRC runs a dedicated Crypto Disclosure Service for people who find unpaid tax on cryptoassets. How far back you go depends on why the tax was missed:

• 4 years if you took reasonable care
• 6 years if you were careless
• up to 20 years if the error was deliberate

You must include interest, which runs daily from when the tax was due, and the correct penalty. HMRC expects payment within 30 days of the disclosure. Penalties are usually much lower when you come forward before HMRC contacts you. Our guide to voluntary disclosures explains the process in more detail.

Why use an accountant?

Crypto records are often scattered across several exchanges and wallets, some of which may have closed. We rebuild your transaction history, calculate the gains using HMRC’s pooling rules, work out the right penalty position and make the disclosure for you. If HMRC has already written to you, see our tax investigation support.

What should I do next?

Frequently Asked Questions

Need help with this? Wingate Accountants offers fixed-fee online accountancy support across the UK. Call 0161 531 4179 or request a quote at wingateaccountants.co.uk.

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