Scale of cryptoasset gains revealed in new government figures
Summary
HMRC has published its first official statistics on taxable cryptoasset gains, showing 17,600 individuals declared £1.38 billion in gains in the 2024 to 2025 tax year, including 240 people with gains above £1 million. The article also highlights growing regulatory scrutiny of cryptoassets, with new reporting rules and FCA standards due to take effect over the coming years, alongside continued caution from conveyancing regulators about source-of-funds checks.
Why it matters
Residential property surveyors may encounter cryptoasset-related funds in property transactions, particularly where source of wealth and source of funds evidence is required. The article reinforces the need for robust due diligence and awareness of the compliance risks associated with crypto-funded purchases.
Key points
- HMRC’s first official cryptoasset CGT figures show £1.38 billion in taxable gains for 17,600 individuals.
- 240 individuals reported more than £1 million each in cryptoasset gains.
- New international reporting rules will require cryptoasset service providers to report customer information to tax authorities from 2027.
- The CLC warns cryptoassets create significant client due diligence challenges in conveyancing.
- Thirdfort research suggests crypto remains a very small source of buyer funds in property transactions.
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