Cryptocurrency Tax UK: What HMRC Actually Wants
From 2026 HMRC gets your full exchange history under the Crypto-Asset Reporting Framework. Swap one coin for another and you've already triggered a taxable event.
How HMRC taxes common crypto activities in 2026/27
| Activity | Tax type | Rate | Allowance |
|---|---|---|---|
| Sell crypto for GBP | CGT | 18% or 24% | £3,000 AEA |
| Swap crypto for crypto | CGT | 18% or 24% | £3,000 AEA |
| Spend crypto on goods | CGT | 18% or 24% | £3,000 AEA |
| Staking rewards | Income tax | Marginal rate | £1,000 trading |
| Mining rewards | Income tax | Marginal rate | £1,000 trading |
| Airdrop for action | Income tax | Marginal rate | £1,000 trading |
Source: HMRC cryptoassets manual. Every swap is a disposal.
Key takeaways
HMRC treats crypto as property, not currency - disposing of crypto is a CGT event, taxed at 18% or 24% above the £3,000 annual allowance
Swapping one crypto for another counts as a disposal and triggers CGT, even if no fiat is involved
Staking rewards, mining income, and airdrops are usually taxed as income, valued in GBP at the moment of receipt
HMRC has crypto exchange data via the Crypto-Asset Reporting Framework from 2026 - assume any unreported activity will eventually be flagged