240 British taxpayers have declared £717 million in capital gains on encrypted assets, or more than half of the total

According to data from the British Revenue and Customs Authority, 240 individuals each declared more than Pound1 million in capital gains on encrypted assets, totalling Pound717 million, or more than half of the total. The total of 1.76 million declarers earned Pound1.380 billion in capital and Pound13.8 billion in disposal. Taxpayers with a declared return of less than Pound25 million contributed 65 per cent, 7 per cent and 8 per cent of the proceeds of disposal. Fifty-four per cent of encrypted asset taxpayers are between 25 and 44 years old, and 87 per cent are men. The UK has advanced the OECD Encrypted Asset Reporting Framework, which requires transaction service providers to provide customer information and faces a fine of up to Pound300 per user for failure to comply. According to James Murray, Financial Secretary of the British Treasury Department, capital gains from encrypted assets are taxable on the same basis as other capital gains. The United Kingdom Treasury plans to defer the collection of DeFi borrowings and capital gains tax on depositing assets into a liquid pool until the assets are actually disposed of. In the tax year 2025 to 2026, capital gains over and above the tax exemption amount must be declared by 31 January 2027. (Decrypt)