・12 min read
UK Crypto Tax Guide 2026: HMRC Rules and How to File
UK crypto tax guide 2026: HMRC rules for 2025-26 filings, 2026-27 activity, CGT rates, Section 104 pooling, 30-day rule, Self Assessment deadline 31 Jan 2027.
In the UK, crypto tax can arise even if you never cash out. Selling crypto for pounds, swapping crypto, including stablecoins, spending crypto, and making most gifts are Capital Gains Tax disposals.
Crypto you receive for work or services, ordinary mining or staking, or as a fixed return from lending or staking is generally taxable as income when you receive it. A later sale, swap, spend, or gift of those cryptoassets is a separate Capital Gains Tax calculation.
The 2025-26 tax year ended on 5 April 2026. For most online filers, the Self Assessment return and balancing payment are due by 31 January 2027. Separate disposals and income from same-owner transfers, then calculate and report the result across every wallet and platform you used.
Quick answer
For most individual UK investors, selling crypto for pounds, swapping crypto, including stablecoins, spending crypto, and making most gifts are Capital Gains Tax disposals. Buying crypto with GBP, holding it, and moving crypto between wallets you own ordinarily do not create a disposal. HMRC explains the core rule in its guidance on selling cryptoassets.
Crypto received for employment or services, ordinary mining or staking, and a fixed, periodic, or agreed return from lending or staking is generally taxable income when received. If you later sell, swap, spend, or give away an asset taxed as income, work out the separate Capital Gains Tax result.
For fungible cryptoassets, keep a Section 104 pool for each cryptoasset type. When you dispose of cryptoassets, HMRC requires you to match same-day acquisitions first, then acquisitions of that cryptoasset in the following 30 days, before using the pool for any amount left. You cannot choose a particular exchange or wallet lot instead.
For 2025-26, most individual UK filers can use a £3,000 annual exempt amount and current CGT rates against eligible gains. After losses and reliefs, gains within your unused basic-rate band are generally taxed at 18%; gains above that band are generally taxed at 24%. For most online filers, submit the return and pay the balance by 31 January 2027. Earlier notification and paper-filing dates can apply.
Is crypto taxable in the UK?
HMRC’s framework for individual crypto users
For most individual crypto investors, selling a cryptoasset for GBP, exchanging one cryptoasset for another, using crypto to pay for goods or services, or making most gifts creates a Capital Gains Tax disposal. A disposal means giving up a cryptoasset through a sale, swap, spend, or relevant gift. What changes is whether the proceeds and matched cost produce a gain or allowable loss.
Crypto received for employment or services is taxable income when received. If you receive ordinary mining or staking rewards and are not carrying on a trade, HMRC treats them as other taxable income when received. A fixed, periodic, or agreed return paid for lending or staking cryptoassets is ordinarily income when received. A DeFi return can instead have capital character, so apply the separate DeFi analysis below. Keep the income question separate from the later disposal question: a later sale, swap, spend, or gift can create a gain or loss.
The common consumer position is different from a company, trust, professional trading business, or non-UK-resident arrangement. This guide focuses on UK individual activity and the records a DIY filer needs to reach a supportable Self Assessment result.
What changed for UK crypto tax in 2025/26?
UK crypto tax filing facts for 2025-26
| Item | Key date or period | Reader action |
|---|---|---|
| Tax year | 6 April 2025 to 5 April 2026 | Include relevant crypto activity in this period. |
| Tell HMRC you need to file | 5 October 2026 | Act if you have never filed, or you were registered but did not need to file for 2024-25. |
| Paper return | 31 October 2026 | File by this earlier date if you use paper. |
| Online return and balancing payment | 31 January 2027 | Submit and pay the balance by this date. |
| Real-time CGT route | Report by 31 December 2026; pay by 31 January 2027 | Use only if eligible, and include the gain in Self Assessment when HMRC requires it. |
Current CGT rates and the annual exempt amount
For 2025-26, the annual exempt amount is £3,000 for most individual UK filers. Apply allowable capital losses and reliefs before working out the taxable gain. The current Capital Gains Tax rates and allowances put eligible gains within your unused basic-rate band at 18%; gains above that band are generally 24%.
For most individual filers, the annual exempt amount lets you realise up to £3,000 of eligible net gains in the tax year without Capital Gains Tax. If you claim the foreign income and gains (FIG) regime or Overseas Workday Relief (OWR) for 2025-26, you do not receive this allowance for the tax year. HMRC calculates the available band using your taxable income after your Personal Allowance and any Income Tax reliefs. If you receive the full £12,570 Personal Allowance and have no other Income Tax reliefs, the £37,700 basic-rate band corresponds to £50,270 of income before allowances. Add taxable gains after the annual exempt amount to that taxable income: the part within the unused basic-rate band is charged at 18%, and the rest at 24%.
Cryptoasset data reporting starts collecting information in 2026
UK reporting cryptoasset service providers began customer due diligence on 1 January 2026 under the Cryptoasset Reporting Framework. Their first reports, covering 2026 calendar-year activity, are due by 31 May 2027. HMRC’s cryptoasset reporting guidance concerns provider reporting, not a replacement for your own tax calculation or 2025-26 Self Assessment obligation.
Proposed changes from 6 April 2027: not current law
On 13 July 2026, HMRC published draft rules for cryptoasset loans and liquidity pools and a stablecoin policy outcome. If enacted, the measures are intended to apply from 6 April 2027. They would change the CGT treatment of eligible stablecoins and specified cryptoasset lending, borrowing, and automated market-making arrangements. They do not change the rules for 2025-26.
How much crypto tax do you pay in the UK?
Capital Gains Tax on crypto gains
For an individual investing in crypto, the usual calculation is sterling disposal proceeds less the sterling allowable cost matched under the UK rules. Combine gains and allowable losses for the tax year, apply available reliefs and the annual exempt amount, then apply the CGT rate that follows from your unused income-tax band.
Simply holding crypto does not create a disposal, even if its price rises or falls. Selling, swapping, spending, or making most gifts of crypto creates a disposal, so you must calculate a gain or loss.
Income Tax on crypto receipts
Crypto received for employment, services, mining, or ordinary staking is income at its sterling value when you receive it. A fixed, periodic, or agreed return paid for lending or staking cryptoassets is ordinarily income at receipt. A DeFi return can be income or capital, depending on the arrangement. Your marginal Income Tax rate applies to total taxable income, not the CGT rates. A later disposal of a cryptoasset taxed as income uses the receipt value and the UK matching rules to calculate a separate gain or loss.
Income-tax bands and Scottish rates
For England, Wales, and Northern Ireland, the Personal Allowance and Income Tax bands below are unchanged for 2026-27. Scottish non-savings, non-dividend income uses separate bands. Use the HMRC Income Tax rates and allowances for the relevant Scottish figures. Capital Gains Tax rates are UK-wide for this purpose.
| Tax type or band | 2025-26 and 2026-27 rule |
|---|---|
| Personal Allowance | £12,570. It reduces by £1 for every £2 of adjusted net income above £100,000 and reaches zero at £125,140. |
| Basic-rate Income Tax | 20% on taxable income after allowances up to £37,700 |
| Higher-rate Income Tax | 40% on taxable income after allowances from £37,701 to £125,140 |
| Additional-rate Income Tax | 45% on taxable income after allowances above £125,140 |
| Scottish income tax | Separate non-savings, non-dividend bands and rates |
| Capital gains | £3,000 annual exempt amount. After allowable losses and reliefs, you pay 18% on the portion of gains within your unused basic-rate Income Tax band and 24% on the portion above it. |
Which crypto transactions are taxable, non-taxable, or fact-dependent?
| Activity | Tax treatment |
|---|---|
| Buy crypto with GBP | Not a taxable disposal |
| Hold crypto | Not a taxable disposal by itself |
| Sell crypto | Taxable disposal |
| Spend crypto | Taxable disposal |
| Crypto-to-crypto swap | Taxable disposal of the cryptoasset given up |
| Stablecoin exchange | Taxable disposal |
| Move between own wallets | Not a taxable disposal if beneficial ownership stays with you |
| Fee paid in crypto | Taxable disposal of the cryptoasset used to pay the fee at its sterling market value. Use the same-day, 30-day, and Section 104 rules to establish its cost. A fee directly linked to an acquisition or disposal may be an allowable cost once. |
Buying crypto
Buying crypto with GBP does not itself create a disposal. Record the sterling amount, quantity, date and time, and fee. That acquisition can feed the same-day rule, the 30-day rule, or the Section 104 pool when you later dispose of it.
Holding crypto
Holding crypto alone does not create Capital Gains Tax. A later taxable receipt, ownership change, or cryptoasset exchange needs a separate analysis, so keep the acquisition evidence that will establish matched cost.
Selling crypto for fiat
Selling crypto for GBP or another fiat currency is a taxable disposal. To work out your gain or loss, subtract the matched allowable cost and relevant disposal costs from the sterling proceeds.
Spending crypto
Paying for goods or services with crypto is a taxable disposal. Keep the merchant receipt, transaction hash, quantity, sterling value, and fee.
Crypto-to-crypto swaps
A crypto-to-crypto swap is a taxable disposal of the cryptoasset you give up. For a usual arm’s-length swap, use the sterling market value of the cryptoasset you receive at the transaction time as the disposal proceeds. That value will ordinarily equal the value of the cryptoasset given up. Apply the same-day and 30-day matching rules, then use the Section 104 pool for any remaining amount, to determine the allowable cost of the cryptoasset disposed of.
Stablecoins
Exchanging a stablecoin is a taxable disposal. A stable price can produce a small gain or loss, but the exchange remains a taxable disposal. The proposed 2027 stablecoin rules above do not apply to 2025-26.
Own-wallet transfers
Moving crypto between wallets you own is ordinarily not a disposal. HMRC’s test is whether the same person remains the beneficial owner, meaning the person entitled to benefit from the assets. This includes a move between an exchange account and a self-custody wallet.
Keep both wallet addresses, transaction hashes, dates, quantities, and any bridge or custody terms. A transfer to another person, a change in beneficial ownership, or a cryptoasset conversion needs a different analysis.
Crypto fees
Fees can affect proceeds or acquisition cost. A fee paid in crypto is a separate taxable disposal of the cryptoasset used to pay it at its sterling market value, and its cost follows the same-day, 30-day, and Section 104 rules. A fee directly linked to an acquisition or disposal may be an allowable cost, but deduct it only once. Keep the cryptoasset used to pay the fee, value, purpose, and transaction record.
How do you calculate crypto gains and losses in the UK?
UK crypto cost basis: same-day, 30-day, and Section 104 matching
For fungible cryptoassets, UK tax law sets the matching order. Match a disposal first with acquisitions of the same cryptoasset on the same day. Then match it with acquisitions of that cryptoasset in the following 30 days. Only the remaining amount uses the Section 104 pool rules.
A Section 104 pool is the combined allowable cost of fungible cryptoassets of the same type held by the same beneficial owner. The 30-day step is often called the bed-and-breakfast rule because a purchase after a sale can alter the cost used for that sale.
| Step | Matching result | Why it matters |
|---|---|---|
| 1 | Acquisitions of the same cryptoasset on the same day as the disposal | This is the first statutory matching rule. |
| 2 | Acquisitions of the same cryptoasset in the following 30 days | A later purchase can change the cost matched to the earlier sale. |
| 3 | The Section 104 pool | Use the pooled average cost for the balance not matched at steps 1 or 2. |
Value each transaction in pounds sterling
Use a defensible sterling value at the transaction time and retain the price source. For a crypto-to-crypto transaction, value both sides consistently to establish proceeds and the acquisition value of the cryptoasset received.
Allowable costs
Allowable costs can include acquisition costs, disposal costs, transaction fees, and some directly related professional costs.
Match same-day acquisitions first
If you acquire and dispose of the same fungible cryptoasset on the same day, match the disposal with that day’s acquisitions before a later purchase or an existing pool. Keep timestamps and individual same-day trades.
Apply the 30-day rule, often called the bed-and-breakfast rule
After same-day acquisitions, match the disposal with acquisitions of the same cryptoasset made in the following 30 days. The rule can apply when the purchase happens after the sale and through another wallet or exchange owned by the same beneficial owner.
Once matched, that acquisition quantity is not also added to the Section 104 pool. Preserve the full transaction timeline.
Use the Section 104 pool for the remaining cryptoassets
Any balance left after same-day and 30-day matching uses the Section 104 pool for that cryptoasset. The pool follows beneficial ownership, not the wallet or exchange that processed the trade. NFTs are separately identifiable, so this pool does not apply to every cryptoasset.
Claim and carry forward allowable losses
Use current-year allowable losses against current-year gains first. Use brought-forward losses only to reduce remaining gains to the annual exempt amount, then carry any unused balance forward. A capital loss does not automatically reduce employment, self-employment, staking, or other income.
You can generally claim an allowable loss within four years after the end of the tax year in which the disposal happened. HMRC’s capital-loss guidance explains the claim and carry-forward rules.
Worked example: a sale, a purchase inside 30 days, and a Section 104 pool
Assume Alex starts 10 June 2025 with 1.5 ETH in a Section 104 pool with an allowable cost of £3,000, or £2,000 per ETH. Alex sells 1.5 ETH for £3,600 and pays a £60 disposal fee, leaving £3,540 net proceeds. There are no same-day acquisitions.
On 20 June, Alex buys 0.4 ETH for £900 and pays a £20 acquisition fee. Because that acquisition happens within 30 days after the sale, the first 0.4 ETH sold on 10 June is matched with its £920 cost. The remaining 1.1 ETH sold is matched with the Section 104 pool: 1.1 × £2,000 = £2,200.
| Sale matched amount | Matched cost | Calculation |
|---|---|---|
| 0.4 ETH bought on 20 June | £920 | £900 purchase price + £20 fee |
| 1.1 ETH from the Section 104 pool | £2,200 | 1.1 × £2,000 pooled cost per ETH |
| Total matched cost | £3,120 | £920 + £2,200 |
| Gain | £420 | £3,540 net proceeds − £3,120 matched cost |
Alex’s calculation uses the future 30-day purchase before the pool. Starting with the pool or selecting an exchange lot would produce the wrong matching order.
How can you legally reduce crypto tax in the UK?
You can reduce a UK crypto tax bill only by applying claims and reliefs that actually apply to your facts. For capital gains, calculate every disposal and its matched cost first. Then apply allowable losses, reliefs, and the annual exempt amount in the required order. HMRC’s Capital Gains Tax rates and allowances and loss guidance set the rules.
| Rule or claim | How it can affect the result |
|---|---|
| Allowable capital losses | Current-year losses reduce current-year gains. Unused allowable losses can carry forward. |
| £3,000 annual exempt amount | It can reduce eligible net capital gains remaining after losses and reliefs. |
| Same-day and 30-day matching | It determines the cost matched to a disposal and can change the resulting gain or loss. |
| Spouse or civil-partner transfers | A qualifying transfer normally uses the no-gain/no-loss rule. |
| Gifts to charity | A gift of crypto to charity does not create Capital Gains Tax for the donor. |
| £1,000 trading and miscellaneous-income allowance | It can cover eligible non-trading crypto income receipts. |
The 30-day rule matters before you make conclusions from an apparent loss. A sale followed by a repurchase of the same cryptoasset can use the later purchase cost instead of the Section 104 pool, so the calculation may differ from an exchange’s gain-and-loss display.
Keep the calculation and conditions for every loss, allowance, transfer, or donation claim. The tax result follows the full transaction history and the applicable rule, not the label chosen for a transaction.
How is crypto income taxed in the UK?
Crypto received for work or services
Crypto paid for employment, freelance work, or other services is taxable income at its sterling value when you receive it. If an employer pays exchange tokens, they are readily convertible assets, so the employer must normally operate PAYE. If PAYE was not operated, pay the Income Tax through a Self Assessment return in pound sterling.
If you later sell, swap, spend, or give away the cryptoasset, calculate that later disposal separately. The receipt value is relevant to the cryptoasset’s cost, but the later gain or loss is not the original payment amount repeated.
Staking and lending rewards
If you are not carrying on a trade, ordinary staking rewards and a fixed, periodic, or agreed return paid for lending or staking cryptoassets are generally other taxable income at their sterling value when received. Under HMRC’s DeFi return guidance, a DeFi return is not automatically income: it can have capital character where it is speculative or realised through disposal of a capital position. A protocol deposit, LP token, or return that changes ownership or is a different cryptoasset needs the separate DeFi analysis below.
A later sale of a reward cryptoasset is a separate capital-gains calculation. Proof-of-stake staking is distinct from mining, even though both can result in cryptoasset rewards.
Mining and validator activity
Mining and validator rewards are taxable income at receipt. If the activity amounts to a trade, it is taxed under the trading rules; otherwise HMRC taxes the receipt as other taxable income. Keep the receipt date, sterling value, activity records, and costs where relevant. Crypto mining is a proof-of-work activity, not ordinary proof-of-stake rewards.
Airdrops and hard forks
An airdrop is not automatically income. HMRC asks whether the recipient provided services, expected to provide services, or received the cryptoasset through a trade. A crypto airdrop received personally, without anything done in return and outside a trade, may not create Income Tax on receipt. A reward for, or in expectation of, a service is taxable income. A later sale, swap, spend, or gift is a separate capital-gains question.
A hard fork does not automatically create a new taxable income amount merely because a new cryptoasset appears. HMRC requires a just and reasonable allocation of existing pooled allowable cost between the original and new cryptoassets when relevant.
The £1,000 trading and miscellaneous-income allowance
If the income is eligible, the £1,000 trading and miscellaneous-income allowance can cover small non-trading crypto receipts. Crypto income uses the same £1,000 allowance as other eligible income. It is not a separate allowance for each crypto activity and does not exempt employment income.
How to report crypto income to HMRC
If you already file Self Assessment, report non-trading mining, staking, lending, or DeFi receipts that have income character in the Other UK income section of your return. On the paper return, use box 17 and describe the income in box 21. You may be able to claim up to the £1,000 trading and miscellaneous-income allowance against eligible income if you have not used it elsewhere.
If you do not otherwise file Self Assessment and your total miscellaneous income from all sources is more than £1,000 but no more than £2,500, tell HMRC. It may collect the tax through your PAYE code or ask you to file a return. If it is over £2,500, register for Self Assessment. Keep the quantity, sterling value, receipt date, and source for each crypto receipt. Report the later sale or swap separately as a Capital Gains Tax calculation.
How are DeFi, NFTs, and advanced crypto transactions taxed?
For an advanced transaction, identify whether you exchanged a cryptoasset, received a separate cryptoasset or right, or transferred beneficial ownership or control.
| Activity | Main UK tax test | What it can mean for you |
|---|---|---|
| DeFi lending and borrowing | Do the terms let the borrower or platform deal with your cryptoassets as it wishes? | If beneficial ownership passes, the transfer is a disposal. Borrowed cryptoassets are an acquisition with a repayment obligation, not income merely because you receive them. |
| Liquidity pools and LP tokens | Do you transfer cryptoassets to the platform and receive an LP token or other right? | Where the platform can deal with the deposited cryptoassets, the deposit is a disposal and the LP token or right is a separate acquisition. |
| Liquid staking | Do you receive a different liquid-staking token or right, and can the protocol deal with the deposited cryptoassets? | The deposit is a disposal and the liquid-staking token or right is a separate acquisition. Rewards and a later redemption are separate transactions. |
| Wrapping and bridging | Does the route exchange the original cryptoasset for a separate cryptoasset or right and transfer beneficial ownership? | That transaction is a disposal. A route that preserves beneficial ownership does not create a disposal. |
| NFTs and creator activity | Is there a disposal, and do creator or business facts alter the result? | A sale is a disposal; creator facts need a separate income analysis. |
| Derivatives, futures, margin, and perpetuals | What contractual gain or loss right was created? | A leveraged position is usually contractual price exposure, not ownership of a spot cryptoasset. |
DeFi lending and borrowing
With decentralized finance (DeFi), HMRC’s DeFi guidance focuses on whether the arrangement transfers beneficial ownership or control and whether the transaction exchanges the original cryptoasset for something else. The key question is whether the borrower or protocol can deal with your deposited cryptoassets as it wishes. HMRC says this is a strong indicator that beneficial ownership has passed. If beneficial ownership passes, depositing, lending, or staking the cryptoassets is a Capital Gains Tax disposal at the time of the transfer.
For a borrower, cryptoassets borrowed under a DeFi loan are an acquisition. The acquisition cost is the value of the obligation to return the agreed cryptoasset quantity, and receiving the loan is not income merely because cryptoassets reach your wallet. Repaying the loan with cryptoassets is a disposal of the cryptoassets used for repayment.
Collateral requires a separate beneficial-ownership test. If the platform can deal with collateral as it wishes, posting it is a disposal and withdrawing it is an acquisition. If the terms restrict the platform from dealing with collateral, posting or withdrawing it does not create a disposal. If restricted collateral is liquidated, the platform’s disposal is treated as yours for CGT.
Liquidity pools and LP tokens
Providing cryptoassets to a liquidity pool in return for an LP token or other right is a Capital Gains Tax disposal where the platform can deal with the deposited cryptoassets. HMRC treats this as an exchange: the LP token or right is a separate acquisition. Exiting the pool by exchanging the LP token or right for cryptoassets is a separate transaction.
Liquid staking
When a liquid-staking arrangement gives you a different liquid-staking token or right and the protocol can deal with the deposited cryptoassets, the deposit is a Capital Gains Tax disposal. You acquire the liquid-staking token or right at that point. Treat rewards and a later redemption, sale, or swap of that token or right as separate transactions.
Wrapping and bridging
Wrapping, unwrapping, and bridging create a disposal where the arrangement exchanges the original cryptoasset for a separate cryptoasset or right and transfers beneficial ownership. A route that preserves beneficial ownership does not create a disposal.
One-way chain migrations have a specific base-cost carryover treatment that defers a gain or loss until a later disposal. Preserve transaction hashes, route terms, quantities, timestamps, values, and any wrapped token or right received.
NFTs and creator activity
Selling or exchanging a non-fungible token is a disposal. Keep acquisition cost, sale proceeds, marketplace fees, and wallet history. Each NFT is separately identifiable, so do not apply a fungible cryptoasset pool without checking the asset and rights.
Minting or creating NFTs may also have an income or trading analysis. Keep creation activity, contractual rights, proceeds, royalties, and expenses separately.
Derivatives, futures, margin, and perpetuals
A crypto derivative, futures contract, or perpetual is usually contractual price exposure rather than ownership of a spot cryptoasset. A margin deposit covers potential losses; it is not acquisition consideration. Do not add the contract to a Section 104 pool for spot cryptoassets.
Keep records of each position’s realised profit or loss, opening and close-out or liquidation records, funding and settlement payments, commissions, margin movements, and sterling values. HMRC does not publish a crypto-perpetual-specific reporting method, so retain this calculation and supporting account records with your tax records.
How are gifts, donations, and inherited crypto taxed?
Gifts to other people, spouses, and civil partners
A gift to someone other than a spouse or civil partner is ordinarily a disposal, even when no cash changes hands. Work out the cryptoasset’s market value and matched cost under the usual rules. A transfer to a spouse or civil partner normally has no-gain/no-loss treatment if you lived together at some point in the tax year. Gifts to charity have separate rules.
For each transfer, retain the recipient’s details, date, quantity, market value, relationship evidence, and transaction records.
Donations to charity
You do not pay Capital Gains Tax on crypto you give away to a charity. If you sell crypto to a charity for more than you paid but less than its market value, HMRC uses the amount the charity actually pays when you work out the gain.
Retain the charity’s details, transfer evidence, quantity, date, and valuation record. A transfer to an individual fundraiser, collection wallet, or informal group needs separate analysis.
Inherited crypto
Inheriting crypto is not taxable income to the beneficiary. Staking, lending, or other income received from the crypto after inheritance follows the normal UK Income Tax rules.
When you later sell, swap, spend, or give away inherited crypto, your Capital Gains Tax calculation starts with its market value at the date of death, not the amount the deceased person paid. Use that value to calculate any later gain or allowable loss.
Keep the date-of-death valuation or probate papers, estate records, wallet access records, and later transaction data.
What happens to lost, stolen, hacked, or inaccessible crypto?
Lost keys and negligible-value claims
Losing a private key does not itself create a Capital Gains Tax loss because the tokens still exist. If you can show there is no prospect of recovering the key or accessing the tokens, you can make a negligible-value claim. The asset must still exist, and the claim must cover the whole relevant Section 104 pool.
A successful claim treats the whole relevant Section 104 pool as disposed of and immediately reacquired at the value stated in the claim. It can crystallise a loss only where the conditions are met. Keep wallet addresses, proof of control, recovery attempts, asset status, and valuation evidence.
Theft, scams, hacks, failed platforms, and abandoned assets
A theft, scam, hack, or platform failure does not automatically create a Capital Gains Tax loss. First identify whether you still have something with value, such as a right to recover the crypto, an insurance claim, a compensation claim, or a claim in the platform’s insolvency.
If there is no realistic prospect of recovery and the remaining asset or claim is worth next to nothing, a negligible-value claim may be available. Simply abandoning a token, deleting an account, or losing access to a platform does not create a loss by itself.
Keep transaction hashes, wallet and exchange records, fraud reports, platform communications, insolvency or insurance claims, recovery attempts, valuations, and evidence of any reimbursement.
Can HMRC see your crypto?
What cryptoasset service providers may collect and report
Yes. HMRC can already request information from crypto exchanges. From 1 January 2026, the Cryptoasset Reporting Framework makes that reporting more systematic. UK cryptoasset service providers must collect users’ tax residence and Tax Identification Numbers, then report 2026 calendar-year transaction data to HMRC by 31 May 2027. Reports cover users who are UK tax resident and relevant users resident in other countries using the framework.
CARF is an information-reporting regime, not a crypto tax calculation. It can report identity and transaction data, including certain acquisitions, disposals, and transfers, but it does not calculate gains or losses, apply the same-day, 30-day, or Section 104 pooling rules, classify crypto income, or reconcile activity across every wallet and provider. You remain responsible for the calculation and the records supporting it.
What to do if a prior return may be incomplete
Do not wait for an exchange statement or a CARF report. Rebuild your calculation across every exchange and wallet you controlled, identify any missing gains, losses, or crypto income, then use the route that matches your situation.
HMRC’s correction guidance explains how to amend a filed Self Assessment return. For older unpaid crypto tax, use HMRC’s cryptoasset voluntary disclosure service.
| Your situation | What to do now |
|---|---|
| You filed a Self Assessment return and are still within the amendment window | Amend the return online. You can normally amend a return until 12 months after the 31 January filing deadline. For the 2025-26 return, that is normally 31 January 2028. |
| You have not filed a required Self Assessment return for the current or previous tax year | Register for Self Assessment if needed and file the return. Do not use a disclosure as a substitute for a return that HMRC requires you to file. |
| You identify unpaid crypto tax from an older year | Make a voluntary disclosure. Calculate the additional Capital Gains Tax or Income Tax, interest, and years affected before submitting it. |
| You cannot fully reconstruct an older period | Make the best-supported calculation you can, keep the records and workings, and explain any reasonable estimates in your disclosure. |
Correcting the position voluntarily and promptly is better than waiting for HMRC to compare provider data with your return. A correction or disclosure does not remove the need to pay any additional tax, interest, or applicable penalties.
Which UK crypto tax forms or return sections do you use?
SA100 Self Assessment return
If you file a Self Assessment return, SA100 is the main form. Complete the SA108 Capital Gains Summary alongside it if the Capital Gains Tax conditions below apply.
There is no separate crypto tax return. For 2025-26, report crypto disposals in the Cryptoassets section of SA108.
SA108 Capital Gains Summary and its Cryptoassets section
For 2025-26, the SA108 Capital Gains Summary and notes include a Cryptoassets section in boxes 13.1 to 13.8.
Complete SA108 if any one of these applies:
- Your total disposal proceeds from all chargeable assets, including crypto, exceeded £50,000.
- Your total chargeable gains before capital losses exceeded £3,000.
- You want to claim an allowable capital loss or make a Capital Gains Tax claim or election.
These are separate tests. The £50,000 test looks at the total value received when you disposed of chargeable assets, before deducting acquisition costs, fees, or losses. The £3,000 test looks at your gains after allowable costs, but before capital losses or the annual exempt amount.
For example, if you disposed of crypto worth £45,000 and had £5,000 of allowable costs, your gain before losses would be £40,000. You must complete SA108 because your gains exceed £3,000.
If you disposed of crypto worth £60,000 and had £59,000 of allowable costs, your gain before losses would be £1,000. You must still complete SA108 because your disposal proceeds exceed £50,000.
If neither numerical test applies, you may still need SA108 if you want to claim an allowable capital loss or make a Capital Gains Tax claim or election.
Boxes 13.7 and 13.8 apply only if you reported gains through HMRC’s real-time Capital Gains Tax service and paid tax through that route. Do not deduct the annual exempt amount in SA108. HMRC applies it in the tax calculation.
When the real-time Capital Gains Tax service may apply
The real-time Capital Gains Tax service can be available for eligible non-property gains. It is optional only where you meet the service conditions, and it does not remove Self Assessment reporting where HMRC requires you to file a return.
For 2025-26, an eligible report is due by 31 December 2026 and the associated payment by 31 January 2027. Check the real-time Capital Gains Tax route before relying on it.
| Form or route | Purpose and filing route | Reader action |
|---|---|---|
| SA100 | Main Self Assessment return | Include applicable income and claim sections. |
| SA108 | Capital gains and losses, including the Cryptoassets section | Use current-year boxes and report sterling totals. |
| £50,000 disposal-proceeds trigger | Complete the Capital Gains Tax summary if total chargeable-asset proceeds exceed £50,000 | Add SA108 even if your net gain is below the annual exempt amount. |
| £3,000 pre-loss-gains trigger | Complete the Capital Gains Tax summary if gains before losses exceed £3,000 | Add SA108 and report applicable gains and losses. |
| Loss, CGT claim, or election trigger | Complete the Capital Gains Tax summary when claiming an allowable loss or making a CGT claim or election | Include the relevant claim and supporting calculation. |
| Real-time CGT service | Eligible non-property gains | Check eligibility and its interaction with Self Assessment. |
How to file UK crypto taxes
Register for Self Assessment or reactivate your account
If you need to file and have not filed before, register for Self Assessment in time to meet the notification date that applies to you. If you were registered in an earlier year but did not need to file for 2024-25, check whether you need to reactivate or notify HMRC for 2025-26. HMRC’s Self Assessment registration guidance explains the route.
Reconcile data, calculate results, and complete the return
Bring together each exchange, wallet, self-custody address, DeFi platform, NFT marketplace, and income source. Classify transactions, value them in sterling, then apply same-day, 30-day, and Section 104 matching to fungible cryptoassets.
CoinTracker can automate this work by bringing your crypto activity into one place, calculating your UK gains and income, and generating a tax report to help you complete your return. Review the imported transactions and report before you file.
Enter income, gains, losses, and claims in the applicable Self Assessment sections. Keep the calculation that supports the totals.
Submit online and retain the supporting calculation
Most people use the online Self Assessment route. Submit your 2025-26 return by 31 January 2027 and pay any tax due by the same date.
If you used CoinTracker, review the imported transactions and tax report before filing. Confirm that you added every exchange, wallet, self-custody address, DeFi platform, and income source. CoinTracker can calculate from the activity you provide, but it cannot include an account or transaction you did not import.
If you calculate manually, do not rely on an exchange-only report. It may omit activity from other wallets and platforms, own-wallet transfers, or the UK matching rules that determine your crypto cost basis.
Save the submitted return, CoinTracker tax report or manual calculation, CSV exports, wallet records, valuation evidence, and protocol statements.
UK crypto tax filing deadlines and payment dates
2025-26 deadlines
The online deadline for the 2025-26 return and balancing payment is 31 January 2027. The paper deadline is 31 October 2026. If you have never filed, or you were registered but did not need to send a return for 2024-25, tell HMRC by 5 October 2026 when the notification rule applies to you. HMRC publishes the Self Assessment deadlines.
An eligible real-time report for non-property capital gains has its own 31 December 2026 report date, with payment by 31 January 2027. Do not use that route as a substitute for Self Assessment without checking the interaction for your circumstances.
Payments on account and when capital gains do not create them
Payments on account are normally two half-instalments due on 31 January and 31 July. They are not required if the previous year’s Self Assessment tax was under £1,000, or more than 80% was paid outside Self Assessment.
A crypto capital gain can be part of the balancing payment due on 31 January, but it does not by itself create payments on account. Check the full prior-year tax position and HMRC’s payments-on-account guidance before budgeting for instalments.
| Date or payment | What it applies to |
|---|---|
| 5 October 2026 | Tell HMRC you need to complete a return |
| 31 October 2026 | Paper Self Assessment return |
| 31 December 2026 | Eligible real-time CGT report |
| 31 January 2027 | Online return and balancing payment |
| 31 January and 31 July | Payments on account, normally two half-instalments |
What crypto tax records should you keep, and how do you correct errors?
Records for acquisitions, disposals, income, transfers, fees, and pool calculations
Keep records that let you rebuild each result, not only an end-of-year portfolio balance: cryptoasset type, date, quantity, sterling value, acquisition or disposal details, wallet addresses, fees, and matching calculation.
For transfers, retain both sides. For DeFi, liquid staking, wrapping, bridging, derivatives, and NFTs, keep transaction hashes, wallet records, platform transaction history, and records showing what you gave up, what you received, the fees paid, and the sterling value used.
Correcting an incomplete return or claiming a loss
If you find an incomplete return, reconcile the complete history and recalculate affected pools and income records. For a 2025-26 return, you can normally amend it online or by sending amended paper pages through 31 January 2028, 12 months after the Self Assessment deadline. After that, write to HMRC using the applicable correction route.
Keep the before-and-after calculation, reason for the change, and supporting evidence. If you need to claim an allowable loss, retain the disposal evidence and full matching calculation. A loss from an inaccessible asset needs the relevant claim conditions, not only a lower portfolio value.
How CoinTracker helps with UK crypto taxes
CoinTracker brings your crypto activity into one place, calculates your UK crypto gains, losses, and income, and prepares a UK Self Assessment Summary. The report maps core crypto figures to SA108 Cryptoassets boxes 13.1 to 13.5 and SA100 box 17.
Review the imported activity and confirm that every activity source is included before you file. You must separately consider SA108 boxes 13.6 to 13.8, claims or elections, and tax already paid through HMRC’s real-time Capital Gains Tax service. CoinTracker does not calculate your final UK tax due or file your Self Assessment return.
Disclaimer: This post is informational only and is not intended as tax advice. For tax advice, please consult a tax professional.
UK crypto tax FAQs
Is crypto taxable in the UK?
Yes. Selling, spending, swapping, and exchanging stablecoins are Capital Gains Tax disposals. Crypto received for employment or services, and ordinary non-trading mining or staking rewards, are Income Tax receipts at the time received. A fixed, periodic, or agreed return paid for lending or staking cryptoassets is ordinarily income; a DeFi return can be income or capital depending on the arrangement. Buying with GBP, holding, and moving crypto between wallets you beneficially own ordinarily do not create a disposal.
What is the Capital Gains Tax rate on crypto in the UK?
For the 2025-26 tax year, UK crypto gains are taxed at 18% or 24%. The part of your taxable gains that falls within your unused basic-rate Income Tax band is taxed at 18%. Any part above that band is taxed at 24%.
Your rate depends on your total taxable income, not just the size of one crypto sale. Work out your gains and allowable losses, apply the £3,000 annual exempt amount, then calculate how much of the remaining gain falls within your unused basic-rate band.
Can I offset crypto losses against gains in the UK?
Yes. Allowable crypto capital losses reduce capital gains in the same tax year. If losses remain after reducing current-year gains, you can carry them forward to reduce future capital gains.
You must claim the loss for HMRC to recognise it. Include it on your Self Assessment return or, if you do not file one, write to HMRC. You can normally claim a loss up to four years after the end of the tax year in which you disposed of the crypto. Crypto capital losses do not reduce salary, staking income, or other Income Tax income.
Do I pay tax when I swap crypto or stablecoins?
Yes. A crypto-to-crypto swap disposes of the cryptoasset you give up, and a stablecoin exchange follows the same principle. Calculate sterling proceeds and the statutory matched cost, even when the stablecoin price changed very little.
Is moving crypto between my own wallets taxable?
No, provided beneficial ownership stays with you. Keep the wallet addresses, transaction hashes, quantities, and dates for both sides of the transfer. A change in owner, custody rights, or cryptoasset type needs a separate analysis.
How does the Section 104 pool work?
The Section 104 pool holds the pooled allowable cost of fungible cryptoassets of the same type held by the same beneficial owner. Use it only after matching same-day acquisitions and acquisitions made in the following 30 days. The remaining disposal quantity uses the pool’s average cost per unit.
What is the UK crypto 30-day rule?
The 30-day rule matches a disposal with acquisitions of the same cryptoasset made in the following 30 days, after same-day matching. It can change the cost used for a sale that happened before the later purchase, which is why it is often called the bed-and-breakfast rule.
How do I report crypto to HMRC?
Work out your complete income, gains, losses, and claims from all wallets and exchanges, then complete the relevant Self Assessment sections. For 2025-26, SA108 has Cryptoassets boxes 13.1 to 13.8. Use the Capital Gains Summary where the £50,000 proceeds, £3,000 pre-loss-gains, loss, claim, or election rule applies.
What is the UK crypto tax deadline for 2025-26?
For most online filers, submit the 2025-26 Self Assessment return and pay the balancing amount by 31 January 2027. Paper returns are due by 31 October 2026, and a notification deadline of 5 October 2026 can apply to a first-time or lapsed filer.
Can HMRC see crypto transactions?
Yes, HMRC can receive information from cryptoasset service providers, and provider reporting is expanding. That data may not show your full wallet history, costs, income character, or Section 104 calculations. Reconcile your own complete records and correct a prior filing promptly if it is incomplete.
What Income Tax rate applies to crypto rewards?
Crypto income is part of your total taxable income. For 2025-26, England, Wales, and Northern Ireland use 20%, 40%, and 45% Income Tax rates after allowances; Scottish non-savings, non-dividend income uses separate bands. A later sale or swap is a separate CGT calculation.