New figures obtained by Cryptoccountant from HMRC show that 32,400 individuals reported cryptoasset activity through the dedicated cryptoassets section of their Self Assessment Capital Gains pages for 2024/25.
Between them, those individuals reported 19.679 million cryptoasset disposals, more than £20 billion of disposal proceeds, £2.301 billion of gains before losses and £1.021 billion of losses.
The figures provide a broader picture of cryptoasset reporting than HMRC’s published Capital Gains Tax statistics, which focus on a narrower population of individuals with a final CGT liability and net cryptoasset gains.
In this article, we examine what the latest data tells us about cryptoasset reporting in the UK, alongside figures on HMRC's growing compliance activity.
Contents
- 1. Key Figures
- 2. Crypto Reporting
- 3. Disposals and Proceeds
- 4. Gains and Losses
- 5. A Wider View of Crypto Reporting
- 6. HMRC Crypto Nudge Letters
- 7. Crypto Tax Disclosure Settlements
- 8. Methodology and Sources
- Conclusion
- References
1. Key Figures
We asked HMRC for aggregate figures taken from the dedicated cryptoasset fields of Self Assessment returns filed by the 31 January 2026 deadline for the 2024/25 tax year.
The figures provided by HMRC were:
| Measure | 2024/25 |
|---|---|
| Individuals reporting cryptoasset activity | 32,400 |
| Cryptoasset disposals reported | 19,679,000 |
| Disposal proceeds reported | £20.317 billion |
| Gains before losses | £2.301 billion |
| Losses reported | £1.021 billion |
| Individuals reporting gains | 27,200 |
| Individuals reporting losses | 18,400 |
| Average gains before losses among individuals reporting gains* | £84,600 |
| Average losses among individuals reporting losses* | £55,500 |
*Calculated from HMRC's aggregate gains and losses figures and the number of individuals reporting each. These are arithmetic averages rather than median or typical values.
These figures are based on values reported by individuals through Self Assessment. They do not attempt to estimate unreported crypto activity or the total number of people who owned cryptoassets during the year.
2. Crypto Reporting
HMRC identified 32,400 individuals who reported a positive value in at least one of the relevant cryptoasset fields on the SA108 Capital Gains pages.
These fields cover:
- the number of cryptoasset disposals;
- total disposal proceeds;
- gains in the year before losses; and
- losses in the year.
Our original request asked for the number of individuals who reported at least one cryptoasset disposal. However, HMRC used this slightly broader definition because some individuals reported cryptoasset gains or losses without completing the number of disposals field. This means the 32,400 figure is best understood as the number of individuals reporting cryptoasset activity through the relevant crypto specific capital gains boxes.
It is also important not to interpret 32,400 as the total number of UK crypto investors. Simply owning crypto does not create a Capital Gains Tax reporting requirement, and there will also be investors whose activity did not need to be reported.
3. Disposals and Proceeds
Across the 32,400 individuals identified by HMRC, a total of 19,679,000 cryptoasset disposals were reported during 2024/25, with aggregate disposal proceeds of £20.317 billion.
This equates to around 607 reported disposals per individual, although the distribution is likely to vary significantly between occasional investors and those trading more actively.
The volume of disposals and proceeds provides a useful indication of the scale of crypto transactions being processed through Self Assessment. They are perhaps the most striking figures in the dataset and reflect the fast-moving nature of crypto activity, where frequent trading can quickly increase both disposal counts and total proceeds.
HMRC has cautioned that both the number of disposals and disposal proceeds may be subject to inconsistent reporting by tax payers because neither figure directly affects a taxpayer’s final tax liability. The figures should therefore be treated as reported totals rather than a precise measure of underlying trading activity.
4. Gains and Losses
Individuals within the dataset reported £2.301 billion of cryptoasset gains before losses and £1.021 billion of cryptoasset losses. On an aggregate basis, the difference between reported gains and losses was approximately £1.28 billion.
HMRC also reported that:
- 27,200 individuals reported cryptoasset gains before losses; and
- 18,400 individuals reported cryptoasset losses.
These are not separate groups of taxpayers. The SA108 cryptoasset section records gains before losses and losses in separate fields, so an individual can report both during the same tax year.
Based on the overall reporting population of 32,400, this means that at least 13,200 individuals reported both gains and losses, equivalent to at least 41% of the wider population.
Across those reporting gains, the average amount of gains before losses was approximately £84,600. Among those reporting losses, the average amount of losses reported was approximately £55,500.
These are arithmetic averages derived from the aggregate figures. They do not represent the average net gain or loss of an individual taxpayer, and should not be interpreted as typical outcomes, as the figures may also be influenced by a relatively small number of larger gains or losses.
5. A Wider View of Crypto Reporting
HMRC first published dedicated cryptoasset figures in its 2026 Capital Gains Tax statistics. Table 10 reported 17,600 individuals, £13.8 billion of disposal proceeds and £1.38 billion of cryptoasset gains for 2024/25. However, those figures only cover individuals with a final Capital Gains Tax liability and net cryptoasset gains.
The additional data obtained through our Freedom of Information request provides a wider view of cryptoasset reporting through Self Assessment. HMRC confirmed that the figures supplied to us include everyone captured by Table 10, as well as:
- individuals without a final Capital Gains Tax liability; and
- individuals reporting a net loss on their cryptoasset disposals.
This wider population increases the number of individuals reporting cryptoasset activity from 17,600 to 32,400, while reported disposal proceeds increase from £13.8 billion to £20.317 billion.
There is also an important difference in how the gains figures are presented.
The £2.301 billion disclosed through our Freedom of Information request represents gains reported before cryptoasset losses are deducted. By contrast, the £1.38 billion figure in Table 10 is after the deduction of cryptoasset losses for the narrower population included in HMRC’s published statistics.
The two datasets therefore provide different views of the same underlying Self Assessment reporting. Table 10 focuses on individuals with a final CGT liability and net cryptoasset gains, while the Freedom of Information data provides a broader picture of cryptoasset activity reported through the dedicated SA108 fields.
6. HMRC Crypto Nudge Letters
Alongside the introduction of dedicated cryptoasset reporting fields, HMRC has significantly increased its compliance activity relating to cryptoassets.
Figures obtained through Freedom of Information requests by other organisations show a sharp increase in the number of crypto-related nudge letters issued by HMRC in recent years.
View underlying data as a table
| Tax Year | Nudge Letters Issued |
|---|---|
| 2023/24 | 27,714 |
| 2024/25 | 64,982 |
| 2025/26 | 81,172 |
The number of nudge letters issued increased from approximately 27,700 in 2023/24 to more than 81,000 in 2025/26, almost tripling in just two years.
These communications are generally intended to encourage taxpayers to review their cryptoasset activity and disclose any previously undeclared income or gains. Receiving a nudge letter does not necessarily mean that a taxpayer has underpaid tax.
Nevertheless, the figures demonstrate the increasing scale of HMRC's efforts to identify and address potential non-compliance involving cryptoassets.
7. Crypto Tax Disclosure Settlements
In November 2023, HMRC launched its dedicated Cryptoasset Disclosure Service, allowing individuals to disclose previously undeclared tax liabilities relating to cryptoassets.
Figures obtained by compliance provider Identomat through a Freedom of Information request reveal that 502 individuals reached cryptoasset tax disclosure settlements with HMRC during 2024/25 and 2025/26, with a combined settlement value of approximately £8.3 million.
| Tax Year | Number of Settlements | Total Settlement Value | Average Settlement |
|---|---|---|---|
| 2024/25 | 280 | £3.54 million | £12,700 |
| 2025/26 | 222 | £4.78 million | £21,600 |
| Total | 502 | £8.33 million |
Although the number of settlements fell between the two years, their combined value increased by approximately 35%. The average settlement also increased from around £12,700 to £21,600.
These figures relate specifically to settlements through HMRC's cryptoasset disclosure arrangements. They do not represent the total additional tax collected through HMRC's wider cryptoasset compliance activity, which also includes enquiries and other interventions.
Nevertheless, they provide a further indication of the financial significance of previously undeclared cryptoasset activity identified through the disclosure process.
8. Methodology and Sources
This article draws on data obtained by Cryptoccountant Limited through a Freedom of Information request, HMRC's published Capital Gains Tax statistics, and additional Freedom of Information disclosures obtained by other organisations.
Cryptoccountant Freedom of Information Request
The figures relating to cryptoasset disposals, proceeds, gains and losses were obtained by our firm through a Freedom of Information request to HM Revenue & Customs, reference FOI2026/97328.
The request covered individual Self Assessment returns for the 2024/25 tax year.
For the overall population, HMRC included individuals reporting a positive value in at least one of the following fields of the cryptoassets section of SA108:
- box 13.1: Number of disposals;
- box 13.2: Disposal proceeds;
- box 13.4: Gains in the year, before losses; and
- box 13.5: Losses in the year.
HMRC confirmed that the totals provided are the sums of the values reported by individuals through Self Assessment.
The figures should therefore be understood as reported Self Assessment data, rather than an estimate of all cryptoasset activity undertaken by UK investors.
HMRC has also specifically cautioned that the number of disposals and disposal proceeds do not directly affect a taxpayer’s tax liability and may therefore be subject to inconsistent reporting by taxpayers.
Other Data Sources
The comparison with HMRC's narrower reporting population is based on Table 10 of its published Capital Gains Tax statistics for 2024/25.
The figures on HMRC crypto nudge letters and tax disclosure settlements are drawn from separate Freedom of Information disclosures obtained by other organisations, including UHY Hacker Young and Identomat.
These datasets measure different aspects of cryptoasset reporting and compliance, and should not be interpreted as directly comparable populations. In particular, nudge communications do not necessarily represent unique taxpayers, while disclosure settlements do not capture the full extent of HMRC's cryptoasset compliance activity.
Conclusion
The introduction of dedicated cryptoasset fields on the Self Assessment return has given us a much clearer picture of the scale of crypto activity being reported to HMRC.
For 2024/25, 32,400 individuals reported activity through those fields, accounting for almost 20 million disposals and more than £20 billion of disposal proceeds. They also reported £2.301 billion of gains before losses and just over £1 billion of losses.
Just as importantly, the wider figures obtained through our Freedom of Information request show that HMRC’s published Capital Gains Tax statistics capture only part of the reporting population. Individuals without a final CGT liability and those reporting overall cryptoasset losses form a significant part of the wider picture.
Beyond Self Assessment reporting, the sharp increase in HMRC nudge letters and the value of cryptoasset disclosure settlements provide further evidence of HMRC's growing compliance activity in this area.
We intend to update this analysis annually as new data becomes available, tracking changes in cryptoasset reporting through Self Assessment alongside HMRC's wider compliance activity. Over time, these figures should provide an increasingly useful picture of how crypto tax reporting and compliance are developing in the UK.
References
- HM Revenue & Customs - Freedom of Information response FOI2026/97328, dated 28 September 2026
- HM Revenue & Customs - Capital Gains Tax statistics
- UHY Hacker Young - HMRC cryptoasset nudge letter statistics
- Identomat - HMRC cryptoasset disclosure settlements
