Taxes · 🇬🇧 United Kingdom
Crypto and tokenized asset taxes in the United Kingdom
Selling, swapping or spending crypto is a disposal for Capital Gains Tax at 18% or 24%, after a £3,000 annual exempt amount. Staking rewards are taxed as income when received.
Crypto
Gains
18% (basic rate) / 24% (higher and additional rate) Capital Gains Tax
Tax-free allowance
£3,000 annual exempt amount (2026/27); gains must still be reported if total disposal proceeds exceed £50,000
Losses
Capital losses offset gains in the same year and can be carried forward indefinitely if claimed within 4 years.
Also
Same-day and 30-day matching rules apply before the Section 104 pool. Gifts to a spouse or civil partner are not disposals.
Income and tokenized assets
Staking, lending, yield
Staking, mining and similar rewards are generally taxed as income on receipt at market value, then form the cost for later CGT. For DeFi lending and liquidity pools, the government announced a 'no gain, no loss' approach in November 2025; until it is in force, deposits into DeFi can be disposals under current HMRC guidance.
Tokenized stocks, bonds, funds
HMRC says the tax treatment of any token depends on its nature and use, not its label, and describes security tokens as giving rights in a business. A token that is legally a share, bond or fund unit is expected to follow the rules for that asset (dividends, interest, fund rules), but no specific guidance on tokenized stocks, tracker certificates or tokenized fund units was found.
Filing
Tax year
6 April – 5 April; online Self Assessment due 31 January after the tax year
Reporting
Report gains and crypto income on Self Assessment, which has a separate cryptoasset section. Under the Cryptoasset Reporting Framework (CARF), UK platforms collect user data from 1 January 2026 and send the first reports for 2026 by 31 May 2027. Users who do not give their platform the required details can face a penalty.
Tax authority
Watch out
- Crypto-to-crypto swaps and spending crypto are taxable disposals.
- Keep records per token for the matching rules; HMRC will receive platform data from 2027.
- The DeFi 'no gain, no loss' rules are announced but their start date should be checked.
Sources
- HMRC Cryptoassets Manual – CRYPTO10100 · gov.uk
- HMRC – DeFi lending and repos (CRYPTO61610) · gov.uk
- GOV.UK – Reporting cryptoasset user and transaction data · gov.uk
- Deloitte – DeFi consultation response (Budget 2025) · taxscape.deloitte.com
- BDO – new 2026 rules · bdo.co.uk
- UK Tax Calculators – crypto gains 2026 · uktaxcalculators.co.uk
Not confirmed
- Start date of the DeFi 'no gain, no loss' rules (one source says 6 April 2027).
- Amount of the CARF user penalty (reported as up to £300; not seen on GOV.UK).
- No specific HMRC guidance on tokenized stocks/ETFs/fund units or tokenized gold.
- Existing summary (29 Oct) matches; no correction needed.
Researched 2026-11-01 for private individuals resident in the United Kingdom. Information, not tax advice — rules change; check the tax authority before you file.