Capital Gains Tax is becoming increasingly important for UK crypto investors as HMRC gains access to more detailed information about cryptoasset activity. An investor who sold Bitcoin, swapped tokens or used cryptoassets to pay for goods may already have a reporting obligation, while staking, mining or lending rewards can create separate Income Tax issues.
On 27 August 2026, HMRC published its first official statistics on taxable cryptoasset gains. The figures show that 17,600 individuals made Capital Gains Tax-liable cryptoasset disposals in 2024/25. Collectively, they reported £13.8 billion of disposal proceeds and £1.38 billion of gains.
These are official statistics based on reported taxable activity. They are not an estimate of the total number of UK crypto investors or the tax liability of every cryptoasset holder.
For a broader explanation of how UK tax rules apply to disposals, income and undeclared liabilities, see Apex Accountants’ guide to tax liabilities from cryptoassets.
Key Takeaways
- 17,600 individuals made Capital Gains Tax-liable cryptoasset disposals in 2024/25.
- Those taxpayers reported £13.8 billion of disposal proceeds and £1.38 billion of gains.
- 240 people reported more than £1 million of cryptoasset capital gains, accounting for £717 million of gains between them.
- The UK’s Cryptoasset Reporting Framework rules began from 1 January 2026, with the first provider reports due by 31 May 2027.
- HMRC says it will start receiving cryptoasset provider data from 2027.
- For the 2025/26 tax year, the Self Assessment filing and payment deadline is 31 January 2027 where a return is required.
What Did HMRC’s New Cryptoasset Data Actually Show?
HMRC’s 2026 release is the first annual Capital Gains Tax statistics publication to include a specific cryptoasset breakdown. The supporting Capital Gains Tax statistics now include a dedicated Table 10 covering cryptoasset gains and disposal proceeds.
HMRC reported that the 17,600 individuals with Capital Gains Tax-liable cryptoasset disposals had average gains of approximately £78,000 each. However, that average is affected by taxpayers with particularly large gains. HMRC also reported that around 87% of individuals reporting cryptoasset gains were male and around 13% were female.
The £13.8 billion figure relates to disposal proceeds, not taxable profit. A disposal can arise without money being withdrawn to a UK bank account. HMRC’s guidance on selling and disposing of cryptoassets explains that relevant disposals can include selling tokens, exchanging one cryptoasset for another, using cryptoassets to buy goods or services, and giving cryptoassets away in circumstances where no exemption applies.
The figures are rounded and may not sum precisely.
When Does Crypto Activity Create Capital Gains Tax?
Capital Gains Tax may arise when an individual disposes of cryptoassets and the disposal produces a chargeable gain. In broad terms, the gain is calculated by comparing the disposal value with the allowable acquisition cost and other allowable costs, while applying the relevant matching and pooling rules.
Common cryptoasset disposal events include:
- selling Bitcoin, Ethereum or another token for pounds or another currency;
- exchanging one cryptoasset for another;
- using cryptoassets to pay for goods or services; and
- giving cryptoassets away, except where an exemption or relief applies, such as certain transfers to a spouse or civil partner.
A transfer between wallets that you beneficially own is generally not a disposal simply because the cryptoasset has moved. HMRC’s Cryptoassets Manual on disposals confirms that there is no disposal where the individual retains beneficial ownership throughout the transfer.
The calculation becomes more difficult where an investor has made repeated purchases and disposals at different prices. Exchange statements can help, but HMRC warns that platform reports are not themselves UK tax calculations and may not track pooled costs.
An increase in the market value of a cryptoasset does not by itself create Capital Gains Tax. A tax point generally arises on a disposal. However, cryptoassets received through employment, mining, staking, lending or business activity can have different treatment. HMRC’s Cryptoassets Manual explains when Income Tax, National Insurance or Capital Gains Tax may apply depending on the facts.
For taxpayers who need help determining the correct treatment of disposals and gains, Apex Accountants’ Capital Gains Tax services cover cryptoassets as well as other investments and assets.
What Does CARF Mean for UK Crypto Investors?
The Cryptoasset Reporting Framework, or CARF, is an international reporting standard designed to improve tax transparency and the exchange of cryptoasset information between tax authorities.
The UK’s CARF rules commenced on 1 January 2026. Reporting cryptoasset service providers must collect relevant user and transaction information, carry out due diligence and retain the records required under the framework.
HMRC’s CARF reporting guidance for cryptoasset service providers states that the first reports must be submitted between 1 January and 31 May 2027, covering the calendar year from 1 January to 31 December 2026. HMRC therefore expects to start receiving this provider data from 2027.
CARF does not introduce a new tax on cryptoassets. It changes the amount of information available to HMRC and other participating tax authorities. Providers will report user details and summaries of relevant transactions. HMRC says a provider that fails to follow the reporting rules may face penalties of up to £300 per user.
UK cryptoasset users are also required to provide accurate identifying information to service providers. HMRC’s guidance for cryptoasset users explains what information may be requested and how it can be shared between participating tax authorities.
The practical point for investors is that provider data may not tell the whole story. A transfer between two wallets owned by the same person can look very different from a taxable disposal unless records connect both sides of the transaction. The taxpayer therefore still needs a complete and coherent audit trail.
What Records Should UK Crypto Investors Keep?
HMRC places responsibility on taxpayers to keep their own cryptoasset records. Exchanges may retain transaction data for only a limited period, and a platform may no longer exist when a tax return or HMRC enquiry is dealt with.
HMRC’s cryptoasset record-keeping guidance says records should include information such as:
- the type of cryptoasset;
- the date of each transaction;
- whether the cryptoasset was bought or sold;
- the number of units involved;
- the sterling value of the transaction at the transaction date;
- the cumulative number of investment units held;
- relevant bank statements; and
- wallet addresses where needed.
It is also sensible to retain exchange exports, transaction IDs, fee information and evidence showing transfers between wallets or platforms.
Cryptoasset values must be calculated in pounds sterling for UK tax purposes. Where an exchange does not provide a sterling value, HMRC expects an appropriate exchange rate and a consistent valuation method. Keep evidence of the method used.
Investors should separate at least four broad types of activity:
- purchases and sales;
- token-to-token exchanges;
- transfers between wallets or accounts; and
- income events such as staking, mining, employment rewards or lending returns.
Do not assume a platform’s annual summary is a complete UK tax calculation. It may omit activity held elsewhere, misclassify transfers or fail to apply the UK pooling rules correctly.
What Is the Deadline for Declaring Crypto Income or Gains?
For the 2025/26 tax year, the normal online Self Assessment filing deadline is 31 January 2027, and tax due through Self Assessment is generally payable by the same date.
For Capital Gains Tax, the annual exempt amount for individuals is £3,000 for 2025/26. HMRC’s Capital Gains Tax rates and allowances confirm that amount.
The reporting position is not determined by the £3,000 allowance alone. If you are already registered for Self Assessment, GOV.UK says you must report your gains on the return if the total amount for which you disposed of chargeable assets is more than £50,000, even if your gains are below the annual exempt amount.
Cryptoasset income is different from capital gains and may need to be reported under the appropriate Income Tax provisions. HMRC’s 27 August 2026 release notes that there is a dedicated Self Assessment section for cryptoasset capital gains, but no equivalent dedicated cryptoasset income box for activities such as mining or staking.
If you have unpaid cryptoasset tax from older tax years, HMRC’s Cryptoasset Disclosure Service may be relevant. However, HMRC says income or gains from the current or previous tax year should normally be reported through the Self Assessment tax return rather than the disclosure service.
What Should Someone Do If Their Crypto Records Are Incomplete?
Start by listing every exchange, wallet and protocol used during the relevant tax years. Download available transaction histories and identify missing periods, duplicated entries, transfers and transactions recorded in different currencies.
Next, classify each transaction correctly. A token sale or token-to-token exchange may be a capital disposal. Staking rewards may be taxable as income when received, depending on the facts, and a later disposal of the same tokens can create a separate Capital Gains Tax calculation.
Where records cannot be fully reconciled, keep a written audit trail of the assumptions, source data and valuation methods used. A documented reconstruction is more defensible than unexplained figures copied from a single exchange summary.
If earlier tax returns may contain omissions, it is sensible to establish the correct figures and disclosure route before contacting HMRC. Where an HMRC enquiry or compliance check has already begun, specialist HMRC tax investigation support may help with the response and supporting evidence.
How Could HMRC’s New Data Affect Taxpayers?
The new statistics give HMRC a clearer baseline for understanding the cryptoasset gains already being reported through Self Assessment. CARF will add another source of information from cryptoasset service providers.
This does not mean every investor will receive an enquiry, and provider information does not by itself prove that tax has been underpaid. It does mean that discrepancies between a taxpayer’s return, exchange data and banking records may become easier for HMRC to identify.
HMRC also reported that its cryptoasset education and compliance activity generated an estimated additional £168 million of Capital Gains Tax in 2024/25. HMRC describes this as an estimate of the tax generated as a direct result of its compliance and education activity, not an estimate of any individual investor’s liability.
What Should Crypto Investors Do Before 31 January 2027?
A practical review should include five steps:
- List every exchange, wallet and protocol used.
- Download and preserve complete transaction data.
- Separate taxable disposals from transfers and income receipts.
- Calculate gains, losses and income using UK tax rules and sterling values.
- Reconcile the resulting figures to bank movements and the Self Assessment return.
Investors should also review earlier years for unreported income or gains. If an omission is found, check whether it should be corrected through Self Assessment or HMRC’s Cryptoasset Disclosure Service before making a submission.
Frequently Asked Questions
Do I Pay Tax When I Swap One Cryptoasset for Another?
A token-to-token exchange can be a disposal for UK Capital Gains Tax purposes. The calculation requires a sterling value at the time of the exchange and the allowable cost of the cryptoasset disposed of.
Does Moving Crypto Between My Own Wallets Create a Gain?
Generally, no. HMRC says there is no disposal where you retain beneficial ownership of the cryptoasset throughout the transfer. Records should still connect the sending and receiving wallets so the movement can be distinguished from a sale or transfer to another person.
Are Staking Rewards Taxed as Capital Gains?
Not necessarily. HMRC says staking rewards can be taxable as income when received. Whether the activity amounts to a trade depends on the facts. If you retain the rewarded tokens and later dispose of them, that later disposal can create a separate Capital Gains Tax gain or loss.
Will HMRC Automatically Tax Me When an Exchange Reports My Details?
No. CARF provider data does not itself calculate your tax liability. HMRC can use the information to compare reported activity with tax records, but the taxpayer remains responsible for declaring the correct income and gains.
Can an Accountant Help If I Have Used Several Exchanges?
Yes. An adviser can help consolidate transaction histories, distinguish transfers from disposals, calculate pooled costs and gains, review income events and prepare the relevant Self Assessment or disclosure figures. The reliability of the result still depends on the quality and completeness of the underlying records.
Apex Accountants’ View
HMRC’s new statistics are best treated as a prompt to review records rather than a reason for panic. The important question is not simply how many transactions appear on an exchange statement, but what each transaction represents under UK tax rules.
Apex Accountants supports individuals and businesses with cryptoasset tax calculations, Capital Gains Tax reporting, income treatment and HMRC compliance. Where records span several exchanges, wallets or tax years, the work can include reconstructing activity and documenting the assumptions behind the calculation.
Apex Accountants has more than 20 years of UK accounting and tax experience, with professionals connected to recognised bodies including ACCA, ICAEW and ATT. The aim is to produce an evidence-led tax position that can be explained if HMRC later asks how the figures were prepared.
