Plans for Reform UK to give wealthy crypto investors hundreds of millions of pounds in tax cuts were revealed days after the party received £72 million from two crypto billionaires.
Reform’s tax cuts would reportedly reduce the capital gains tax for both high-rate payers, set at 24%, and basic-rate payers, set at 18%, to 10% across the board.
HMRC analysis of crypto investors in 2025 revealed that £1.38 billion was generated in capital asset gains by 17,600 UK crypto investors.
From this sum, £717 million alone was generated by just 240 crypto investors who made over £1 million a year.
The Independent has deduced that Reform’s tax cuts would save these 240 high-rate taxpayers over £100 million a year and around five times that amount across a five-year parliamentary term.
Two tax experts told the publication that these cuts may negatively impact the UK economy.
Billionaires broke records for UK political donations
Reform and its leader, Nigel Farage, have become mired in crypto-related scandal, thanks to the backing of Tether shareholder Christopher Harborne and former BitMEX exec Ben Delo.
Last weekend, the pair gave the party £36 million each. Byline Times reports that these donations, however, might be in breach of the government’s overseas donor caps.
Read more: Nigel Farage accused of undervaluing Christopher Harborne jet loan by $666K
Harborne’s latest donations take his total given to Reform to £61 million. This doesn’t include his £5 million “gift” to Farage that sparked investigations from the UK’s Parliamentary Standards Commissioner.
Despite Reform’s appeal to crypto voters, it pulled its crypto manifesto from its website in July amidst the Harborne scandal.
Reform keeps spoiling stories
These stories have also raised questions about journalistic standards.
When The Sunday Times approached Reform for comment on the recent multi-million-pound donations, the party fed the story to The Telegraph, which published a more sympathetic headline ahead of The Sunday Times.
The Guardian story on Harborne’s £5 million “gift” was also shared with The Telegraph by Reform after it was approached for comment.
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