CryptoTax UK · Guide
HMRC Crypto Tax Guide — UK 2025/26
HMRC treats most crypto held by individuals as a chargeable asset for Capital Gains Tax purposes. This guide summarises the main rules from HMRC's Cryptoassets Manual in plain English. Educational only — not tax advice.
Estimate my CGT →When CGT applies
Capital Gains Tax may apply when you dispose of crypto. A disposal includes selling for fiat, swapping one crypto for another, spending crypto on goods or services, and gifting crypto to anyone other than your spouse or civil partner. Simply holding crypto, or moving it between your own wallets, is not a disposal.
Share pooling and the matching rules
HMRC requires individuals to pool same-asset acquisitions into a Section 104 pool, with a weighted average cost basis. Two special matching rules apply first: the same-day rule (matches a disposal with acquisitions on the same day) and the 30-day or bed-and-breakfasting rule (matches with acquisitions in the following 30 days). The remainder draws from the Section 104 pool.
Annual Exempt Amount
For 2024/25 and 2025/26 the Capital Gains Tax Annual Exempt Amount is £3,000 per individual. Net gains below this allowance are not chargeable. Net gains above the allowance are taxed at the appropriate CGT rate based on your other taxable income for the year.
Income Tax events
Some crypto activities may instead be subject to Income Tax — for example, mining as a trade, regular staking rewards, airdrops received in return for a service, and employment income paid in crypto. The tax treatment depends on the specific facts.
Reporting deadlines
Individuals typically report crypto gains via Self Assessment. The deadline for the 2024/25 tax year is 31 January 2026 (online). For 2025/26 it is 31 January 2027. Late filing typically triggers automatic penalties.
Frequently asked questions
Do I need to tell HMRC about every transaction?
You typically need to report total gains and losses, not every transaction. Keep detailed records of every acquisition and disposal in case HMRC asks to see them later. Records should be kept for at least 5 years after the Self Assessment deadline.
What if I made a loss?
Capital losses may be offset against gains in the same year or carried forward to future years, provided they are formally claimed via Self Assessment within 4 years of the end of the tax year in which the loss occurred.
What about DeFi, NFTs and staking?
HMRC's specific guidance on DeFi is evolving and complex. Some transactions may be a disposal; others may not. Consider speaking to a UK crypto-tax specialist accountant for DeFi-heavy or NFT activity.
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.