Some 240 people declared more than £1 million each in capital gains from cryptoassets in the 2024 to 2025 tax year, according to figures published by HM Revenue and Customs, with the group reporting £717 million in gains between them.

In total, 17,600 individuals made disposals of cryptoassets such as Bitcoin, Ethereum and Dogecoin that were liable to Capital Gains Tax during the year. Between them they reported disposal proceeds of £13.8 billion and gains of £1.38 billion, an average gain of £78,000 per person. Around 87 per cent of those reporting cryptoasset gains were male and around 13 per cent were female.

The figures, published as part of HMRC’s annual Capital Gains Tax statistics, are the first of their kind. HMRC has been able to isolate crypto gains following the introduction of a dedicated part of the Self Assessment return for cryptoasset capital gains, giving the tax authority, and the wider public, a first clear view of how much money is being made from digital assets in the UK.

Exchanges will hand over customer data from 2027

The disclosure comes as HMRC prepares for a step up in its visibility of crypto trading. From January 2026, the UK began implementing the Cryptoasset Reporting Framework, an international standard developed by the Organisation for Economic Co-operation and Development.

Under the framework, cryptoasset service providers will be required to report customer information to tax authorities, and HMRC will start receiving that data from 2027, helping it to identify cryptoasset gains and income that have not been declared. Service providers that fail to comply may face penalties of up to £300 per user, under data sharing rules for crypto platforms that mirror the information banks already pass to the taxman.

James Murray MP, Financial Secretary to the Treasury and Paymaster General, said: “Taxes are due on cryptoasset gains just like any other gains, and we want to make sure people making gains from crypto know about what taxes they owe.

“This important work is supporting the Government’s efforts to close the tax gap, so that everyone pays their fair share towards our vital public services.”

What business owners need to check

For company directors and the self-employed who hold or accept crypto, the tax treatment reaches further than many assume. Capital Gains Tax may apply when an individual disposes of cryptoassets, and that includes exchanging one type of cryptoasset for another, not just cashing out into pounds. Income Tax and National Insurance may apply to cryptoassets received through employment, self-employment, mining, staking or lending.

The new figures arrive at a time when capital gains tax receipts have been falling overall, sharpening the Treasury’s interest in gains that currently go unreported.

John-Paul Marks, HMRC’s Permanent Secretary and Chief Executive, said: “We want to make it as easy as possible for people to understand and meet their tax obligations when it comes to cryptoassets.

“As new international reporting rules come into force, it’s more important than ever for people to check they are paying any tax owed.”

Anyone with undeclared income or gains from cryptoassets can put their affairs in order through the Crypto Disclosure Service on GOV.UK. Gains above the tax free allowance for the 2025 to 2026 tax year must be declared, and any tax paid, through Self Assessment by the deadline of 31 January 2027.

Jamie Young

Jamie Young is Senior Reporter at Business Matters, covering SME finance, employment law and Westminster policy since 2016. He has reported on every Budget and Autumn Statement since 2018, helped make sense of the ‘covid era’ and the bounce-back loan scheme from launch through the fraud investigations, and broke the magazine’s coverage of the 2024 late-payment reforms. He joined Business Matters straight from completing his BA in Administration from Exeter University and is NCTJ-qualified. Reach him at jyoung@cbmeg.co.uk

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BIRMINGHAM, ALA. — Red Diamond Coffee & Tea, a company that sources, roasts, blends and distributes coffee and tea and related beverages for retail and foodservice businesses, has hired Mike Mehrotra as senior vice president of its Away From Home Division.

As senior vice president, Mehrotra will drive growth and market share for products sold through foodservice distributors, convenience stores and national chain accounts. He also will oversee strategic operations, the company said.

Mehrotra joins the company from EY Parthenon, where he most recently was director and previously was a senior consultant. He also has held finance positions at McKesson and business manager positions at Capital Marine LLC.

“We are pleased to have Mike join us during this milestone year in our organization’s history,” said William A. Bowron III, executive vice president at Red Diamond. “His strategic vision, operational discipline and deep commitment to building strong relationships with our partners make him the ideal leader to elevate our business.”

The company’s Away From Home Division supplies bulk coffee, tea, lemonade and related beverage solutions to institutional and commercial customers, Red Diamond said.

Three major UK airports have been hit by a “cyber security incident” in which criminal hackers accessed the data of almost nine million people and demanded a ransom.

Manchester Airports Group (MAG), which owns Manchester, East Midlands and London Stansted airports, said customers’ contact details, vehicle registrations and postcodes were obtained by hackers at the weekend.

MAG told the BBC the hackers demanded a ransom fee for the return of the data, which the group said it refused to pay. The sum of the ransom fee was not disclosed.

MAG said “at no point has passenger safety or aviation security been compromised” and the system hacked did not hold customers’ bank or payment details.

The data of about 8.7 million customers was accessed.

The majority of the data accessed was restricted to customer email addresses and related to WiFi sign-ups within the airports’ terminals, MAG said.

MAG said in a statement: “We would like to reassure customers that Manchester Airport Group takes the security of customer information extremely seriously and we apologise for any inconvenience or concern caused.”

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Food-manufacturing giant General Mills announced that all of its U.S. cereal offerings are now created without “certified colors.”

The company said it intends to remove “certified colors,” which it notes are “also known as synthetic color additives,” from all of its U.S. products by the end of next year.

“With all U.S. cereals – including Lucky Charms and Trix – now free from certified colors, 90% of General Mills’ U.S. retail portfolio has completed the transition,” the food giant said in a statement Wednesday.

CHEERIOS MAKER SAYS COST OF LIVING, HOUSING EXPENSES CHANGING WAY CONSUMERS SPEND

Miami Beach, Florida, Bay Supermarket breakfast cereal aisle. (Jeffrey Greenberg/Universal Images Group via Getty Images / Getty Images)

“The company remains on track to remove certified colors from its full U.S. retail portfolio by the end of 2027, including fruit snacks and baking products,” the announcement noted.

General Mills previously tried removing artificial colors from Trix in the past but then ultimately chose to backpedal later and offer an option that included the popular vibrant colors again.

“As part of a commitment to remove artificial flavors and colors from artificial sources from all of its cereals by the end of 2017, General Mills is releasing its first wave of new cereal recipes, which includes Trix, Reese’s Puffs, Cocoa Puffs, Golden Grahams, Chocolate Cheerios, Frosted Cheerios and Fruity Cheerios. The family favorites are now available in the cereal aisle at local retailers nationwide and highlight no high fructose corn syrup and no artificial flavors and colors from artificial sources on the front of each box,” a 2016 press release noted.

GENERAL MILLS PULLS MORE THAN 735,000 PILLSBURY ROLLS FROM SHELVES OVER POSSIBLE GLASS CONTAMINATION

Golden Valley, Minn. General Mills World Headquarters. General Mills, Inc., is an American multinational company. (Michael Siluk/UCG/Universal Images Group via Getty Images)

But then a 2017 General Mills post on X, formerly Twitter, declared, “Have you heard?! ‘Classic Trix’ colors are coming back to brighten up your breakfast bowl!”

“Our Trix fans have been calling us, e-mailing us and reaching out to us on social media asking if we would consider bringing back the original formulation of Trix cereal with its vibrant colors,” then-General Mills spokesperson Mike Siemienas noted, according to a 2017 Food Business News report. “As a result, we are launching ‘Classic Trix’ to fill these consumer requests.  We will continue to offer our current formulation of Trix with no artificial flavors and no colors from artificial sources, which has its own fan base, along with Classic Trix. So both products will be available for consumers. Consumers have differing food preferences, and we heard from many Trix fans that they missed the bright vibrant colors and the nostalgic taste of the classic Trix cereal.”

Boxes of Trix currently for sale on the Walmart and Amazon websites list “Natural and Artificial Flavor” on the ingredients list.

GENERAL MILLS LATEST US FOOD GIANT PULLING ARTIFICIAL DYES FROM PRODUCTS

Boxes of General Mills owned Lucky Charms cereal are stacked at a Costco Wholesale store on April 4, 2025, in San Diego, Calif. (Kevin Carter/Getty Images / Getty Images)

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Betty Crocker and Pillsbury are some of the popular food brands within the company’s substantial portfolio.