UK Crypto Tax Guide 2026: Capital Gains, Income, and Reporting
HMRC requires UK taxpayers to declare all crypto gains and income. Here is the complete guide to UK crypto tax in 2026.
HMRC has been clear since 2018: crypto assets are property for UK tax purposes. Every disposal (sale, swap, gift) is a capital gains event. Every crypto receipt (earnings, staking, mining) is income. The rules have not changed materially in 2026, but enforcement has increased significantly — HMRC now receives data from major exchanges automatically.
Capital Gains Tax on Crypto
- CGT rate (2026): 18% (basic rate), 24% (higher rate) — applied to gains above £3,000 annual exemption
- Disposal triggers: selling for GBP, swapping one crypto for another, spending crypto, gifting to anyone except spouse
- Cost basis: UK uses "Section 104 pool" (average cost) — FIFO does NOT apply in the UK
- Same-day and 30-day rules: prevent bed-and-breakfasting — repurchased assets within 30 days use purchase price as cost basis
- Losses: crypto losses can offset gains — file even in loss years to build a loss record
Income Tax on Crypto
- Salary in crypto: income tax + NI at your marginal rate
- Mining/staking rewards: miscellaneous income at fair market value when received
- Airdrop received for work/promotion: income tax
- Airdrop received without action: not taxable at receipt (but CGT on disposal)
- Hard fork tokens received: not income at receipt; cost basis £0, so full disposal amount is gain
Record-Keeping and HMRC Reporting
HMRC expects a complete record of all crypto transactions. Steyble exports a full CSV transaction history compatible with Koinly and CoinTracker. Key advice: do not wait until April 5 each year — maintain records throughout the year. If you have not filed previous years' crypto gains, HMRC's Cryptoassets Disclosure has a voluntary disclosure mechanism — use it before HMRC contacts you.