- Reform UK proposed cutting capital gains tax to 10% for all crypto investors, days after receiving $93.6 million from two crypto billionaires.
- The top 240 high-earning crypto investors would save over $130 million per year under the plan, according to The Independent.
- Donors Christopher Harborne and Ben Delo may have breached overseas donation caps, Byline Times reports.
Reform UK proposed tax cuts that would save wealthy crypto investors hundreds of millions of dollars, just days after receiving $93.6 million from two crypto billionaires. The party would reduce capital gains tax for both high-rate payers (currently 24%) and basic-rate payers (18%) to a flat 10%.
Data from HMRC shows 17,600 UK crypto investors generated $1.79 billion in capital gains in 2025. Remarkably, just 240 investors earning over $1.3 million each accounted for $932 million of that total. The Independent calculated that the cuts would save these 240 high-rate taxpayers over $130 million annually—roughly $650 million over a five-year term.
However, two tax experts told the publication the cuts may harm the UK economy. Meanwhile, the donations themselves have sparked scandal.
Tether shareholder Christopher Harborne and former Bitmex exec Ben Delo each gave $46.8 million to Reform UK last weekend. Byline Times reports these may violate overseas donor caps. Harborne’s total donations now reach $79.3 million, excluding a $6.5 million “gift” to leader Nigel Farage that is under investigation by the Parliamentary Standards Commissioner.
Consequently, Reform UK pulled its crypto manifesto from its website in July amid the scandal. Questions also arose about journalistic standards, as The Guardian reports the party fed donation stories to The Telegraph for more sympathetic coverage after being approached by The Sunday Times.
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