Koinly

🇬🇧 New data from HMRC reveals there are 240 crypto millionaires in the UK, with £717 million of crypto gains between them reported in the 24/25 FY. The data also reveals total taxable gains from crypto assets were £1.38 billion (for 24/25), with an average gain of £78,000 across 17,600 investors who reported. Clearly, some UK crypto investors are doing better than most, but the data also raises other questions. The latest research from the FCA suggests around 8% of the UK population own crypto, which should put the number of users potentially reporting taxable gains at more than 5 million. Of course, not everyone will be reporting gains. Many may be under the £3,000 tax-free threshold, and others may have a net loss (although you should still record these with HMRC to offset in the future!) Even with this considered, it’s a considerable gap between HMRC reporting figures and ownership estimates, which might suggest either avoidance or a lack of understanding of what’s taxable. Given crypto exchanges will be required to report customer information to HMRC from 2027, that question might be answered sooner than you think! 👀 https://t.co/s0ZYZ9qdBU