For the first time, HMRC also released data on the profits of cryptocurrency investors. In 2024-25, 17,600 investors declared £1.38bn of crypto asset gains.
But David Conway, of tax firm Crowe, said the total number of crypto investors in the country was likely to be much higher.
He added: “Too many people still do not realise that they should calculate gains and losses on every taxable crypto transaction they undertake.”
Capital gains tax has entered the spotlight once again in the run-up to the upcoming Budget on Oct 28. Former Labour leader Lord Kinnock, along with several senior Cabinet ministers, have called for the alignment of capital gains tax and income tax rates.
However, former chancellor Jeremy Hunt wrote in The Telegraph that increasing the rates would “reduce the overall tax take” by punishing wealth creators.
Shaun Moore, of wealth manager Quilter, said ministers should take note of the recent capital gains tax data before the autumn Budget.
He added: “If significant tax changes are heavily signalled in advance, people will often act before they take effect, accelerating transactions, restructuring investments or bringing forward financial decisions.
“While that can create a short-term boost in revenues, it can also simply pull activity forward, leaving a weaker pipeline of future transactions and making tax receipts harder to predict.”
A Treasury spokesman said: “The Chancellor is fully focused on his priorities – giving families and businesses a bit of breathing space, backing British jobs, and driving growth in every postcode.
“Revenues go towards these priorities, while still only seeing around 1pc of Brits pay the tax each year.”
