We set out the transactions to look out for, the records to keep and what to do if you think something has been missed.

Cryptoassets are not tax-free

Simply holding cryptoassets doesn't usually trigger tax, even if their value rises. Tax becomes relevant when you dispose of tokens or receive them as income.

A disposal isn't just selling crypto for pounds. It can include swapping one token for another, using tokens to pay for something, or giving them away. The tax treatment depends on the facts, the type of asset and what you did with it.

This guide covers some of the common UK tax issues we see for individuals. It is general information, not advice on your own circumstances.

When a disposal may lead to Capital Gains Tax

A disposal of cryptoassets may result in a capital gain or loss. Common examples include:

  • Selling tokens for pounds or another currency
  • Exchanging one type of token for another
  • Using tokens to buy goods or services
  • Giving tokens to someone else, other than your spouse, civil partner or a charity

If you exchange one token for another, you have disposed of the first token for tax purposes. The fact that you didn't withdraw money to your bank account doesn't, by itself, remove the need to consider the transaction.

Your gain or loss is generally worked out in pounds sterling by comparing the disposal value with the allowable cost and expenses. The calculation may need to take account of the share-pooling rules and the special rules for tokens bought on the same day as, or within 30 days after, a disposal. These rules can make a transaction history far more complicated than a simple purchase price compared with a sale price.

Depending on your overall position, you may need to report gains and losses through Self Assessment. HMRC's Self Assessment return includes a cryptoasset section for tax years 2024/25 onwards. Whether you need to report can depend on the gains, losses and proceeds involved, so it's important to check the rules for the relevant tax year.

Read HMRC's guidance on tax when you sell cryptoassets.

Cryptoassets you receive may count as income

Some cryptoassets are received in circumstances where Income Tax may apply. This can include tokens received through employment, mining, staking, lending or certain decentralised finance activities. The exact treatment depends on the arrangement and the facts.

If tokens are treated as income when you receive them, a later disposal may also need to be considered for Capital Gains Tax. In broad terms, the later gain or loss may be measured from the value used when you received the tokens, but the calculation should always be checked against the applicable rules.

Read HMRC's guidance on tax when you receive cryptoassets.

Keep a complete transaction history

Accurate records matter, particularly if you've used more than one exchange, wallet or blockchain application. Useful records may include:

  • The date, type and quantity of each token received, bought, sold, swapped or transferred
  • The sterling value at the time of each transaction
  • Transaction fees and other relevant costs
  • Wallet addresses and exchange statements
  • Records showing movements between wallets you own
  • Details of any income received in tokens and how its value was established

A transfer between wallets that you own may not itself be a disposal, but it's worth keeping evidence so it isn't mistaken for a sale or a transfer to another person.

Crypto tax software can help bring together information from exchanges and wallets and produce transaction summaries. However, platforms can provide incomplete or differently formatted information, and software calculations depend on the data and settings used. We'd always recommend reviewing the source records and the resulting calculations, including pooled costs, transfers and missing transactions, before relying on a report.

HMRC explains the records to keep in its cryptoasset disposal guidance.

What if you haven't reported earlier activity?

If you think taxable cryptoasset income or gains from an earlier year were left off a return, please don't ignore it. The right way to correct the position depends on the tax years involved and why the information wasn't reported. Interest and penalties may also apply.

HMRC has an online service for telling it about unpaid tax on cryptoassets. The figures should be worked out carefully before you make a disclosure, because the tax, interest and penalties are normally paid in full.

Read HMRC's guidance on telling it about unpaid tax on cryptoassets.

If you receive a letter from HMRC about cryptoassets, check the deadline and the information requested. Getting advice early can help you understand which records are needed and how to respond.

HMRC information reporting

Cryptoasset service providers are now subject to new reporting requirements. From 2026, providers must collect information and report relevant user and transaction details to HMRC under the Cryptoasset Reporting Framework. The first reports, covering 2026 activity, are due in 2027.

That makes it even more important to keep your own records and to make sure your tax returns are complete.

You can read HMRC's information for users of cryptoasset services.

If you have a cryptoasset tax report

If you've already produced a UK tax report using crypto tax software, we can work from it. We'll review it, ask about anything that looks incomplete, and include the figures in your Self Assessment return.

You remain responsible for keeping your records complete, because a report is only as good as the data behind it. We don't rebuild transaction histories.

If you've bought, sold, swapped or received cryptoassets during a tax year, please mention it when we discuss your Self Assessment.

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This guide reflects general UK tax guidance available at the date of publication. Tax treatment depends on individual circumstances and may change. Please contact us for advice on your own position.