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FollowingData recently released by the British tax authority shows that in the previous tax year, 240 people received more than 1 million pounds (approximately 1.4 million US dollars) of capital gains from digital assets. According to a report released by the UK Revenue and Customs on Thursday, in the 2024 - 2025 tax year, the 240 people declared cryptocurrency-related capital gains totaling approximately US$975 million, with each person declaring more than US$1.4 million.
At the same time, the data also showed that a total of 17,600 people reported gains on digital assets during the same period, totaling US$1.9 billion; while the amount of "disposals" generated by selling or trading digital assets reached US$18.7 billion.
James Murray, Financial Secretary and Comptroller of the UK Treasury, said: "Gains from cryptoassets are subject to tax just like other gains, and we want those who derive gains from cryptocurrencies to know what taxes they should pay."
According to the Organization for Economic Co-operation and Development (OECD)'s Crypto Asset Reporting Framework, the total amount of on-chain crypto activity requiring tax worldwide is expected to reach US$457 billion in 2025. The UK will require crypto asset service providers to report relevant gain and loss data under the framework, which may not have previously been self-declared by taxpayers.
Previously, the UK tax authority sent more than 81,000 letters to individuals suspected of failing to pay taxes in full as part of a special enforcement campaign against cryptocurrency investors.
