CryptoTax UK · Guide
Crypto Futures Tax UK — HMRC Guide for 2025/26
Crypto futures, perpetuals and options are popular trading instruments — but their UK tax treatment is more complex than spot trading. This guide explains the HMRC position on crypto derivatives. Educational only — not tax advice.
Estimate my crypto tax →Are crypto futures Capital Gains or Income?
HMRC's treatment of crypto derivatives depends on whether the activity constitutes trading or investment. For most UK individuals who trade futures speculatively, gains may be treated as income from financial speculation rather than capital gains. There is no definitive HMRC guidance specific to crypto futures.
Cash-settled vs physically-settled futures
Cash-settled futures typically create an income or CGT event on settlement. Physically-settled futures may result in an acquisition of the underlying asset at the settlement price.
Record-keeping for futures traders
Futures traders often have a very high volume of transactions. You need records of every contract opened and closed, including the entry price, exit price, quantity, fees, settlement currency and settlement date.
Frequently asked questions
Are crypto futures profits taxed as CGT or income in the UK?
There is no definitive HMRC guidance specific to crypto futures. Specialist tax advice is strongly recommended for active futures traders.
Can I offset futures losses against spot crypto gains?
The answer depends on the tax treatment applied to the futures activity. This is complex — take specialist advice.
More UK crypto-tax guides
Educational guidance only. CryptoTax UK is not a regulated tax adviser and the information above does not constitute tax, legal or financial advice. Always confirm your specific position with HMRC or a qualified accountant before filing.