The data, collected by law firm Pinsent Masons, reveals that the tax that HMRC believes to have been underpaid by ‘wealthy individuals’ has increased 202% from last year’s figure.

The figures are labelled as ‘tax under consideration’ on cryptocurrency investments in the year to March 31. Tax under consideration is the taxman's initial estimate of how much tax may be at stake, not the final tax bill for any tax unpaid.

Pinsent Masons said that given the growing popularity of cryptocurrency investment, this figure is likely to continue increasing over the next few years.