CryptoTax UK · Guide
UK crypto tax 2024/25: the complete guide
The 2024/25 tax year (6 April 2024 – 5 April 2025) was a significant one for UK crypto investors. CGT rates changed mid-year, the CGT allowance was cut again, and HMRC's reporting requirements became more detailed. This guide brings everything together in one place. Educational only — not tax advice.
Calculate my 2024/25 crypto tax now →CGT rates changed on 30 October 2024
The most significant tax change of 2024/25 was the increase in Capital Gains Tax rates announced in the October 2024 Budget and effective from 30 October 2024. Crypto CGT rates increased from 10%/20% to 18%/24% (basic and higher rate respectively) — aligning crypto with residential property rates. Gains made before 30 October 2024 in the same tax year were taxed at the old rates. This means your 2024/25 calculation may involve two different CGT rates depending on when in the year you disposed of assets.
The CGT allowance: £3,000
For the 2024/25 tax year, the annual CGT allowance fell to £3,000 per individual — down from £6,000 in 2023/24 and £12,300 just two years earlier. This means far more UK crypto investors had a taxable gain in 2024/25 compared to previous years. Any net gains above £3,000 after losses are subject to CGT at the applicable rate.
HMRC's dedicated crypto section on Self Assessment
For the first time, the 2024/25 Self Assessment return (due by 31 January 2026) included a dedicated section specifically for cryptoasset disposals. HMRC now asks taxpayers to separately identify and disclose crypto activity rather than including it in general capital gains. This change makes it easier for HMRC to cross-reference declared activity against exchange data.
What counts as a taxable event in 2024/25
All of the following were taxable events in 2024/25: selling crypto for GBP; swapping one crypto for another; spending crypto on goods or services; gifting crypto to anyone other than a spouse or civil partner; and receiving crypto as income (staking, mining, salary, service airdrops). Simply holding crypto was not taxable. Transferring between your own wallets was not taxable.
Filing deadline for 2024/25
The online Self Assessment deadline for the 2024/25 tax year is 31 January 2026. If you have not yet filed and have crypto gains or income to declare, you still have time — but acting sooner rather than later avoids the rush and gives you time to resolve any record-keeping issues. The tax payment is also due on 31 January 2026.
Frequently asked questions
Do I need to file a Self Assessment if my crypto gains were under £3,000?
If your only reason for filing would be crypto gains below the £3,000 allowance, you may not need to file — but you do need to report if total disposal proceeds exceed £12,000 in the year, even if gains are below the allowance. Check whether you have any other reason to file Self Assessment (self-employment, rental income, etc.).
I sold crypto before 30 October 2024 — which CGT rate applies?
Disposals made before 30 October 2024 are taxed at the old rates: 10% basic rate, 20% higher rate. Disposals from 30 October 2024 onwards are taxed at 18%/24%. If you made disposals on both sides of the date, your 2024/25 return involves a blended calculation. A UK crypto tax calculator can split these automatically.
I missed the 31 January 2026 deadline — what should I do?
File as soon as possible. An automatic £100 penalty applies from day one of late filing, but the longer you wait, the more penalties accumulate (daily penalties after 3 months, further charges after 6 and 12 months). Filing late is always better than not filing at all. You can still file online — the penalty is fixed at £100 for up to 3 months late.
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Calculate my 2024/25 crypto tax now →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.