How much tax do I pay on crypto in the UK?

Usually only when you dispose of it. HMRC treats cryptoassets as property, so selling for cash, swapping one token for another, or spending crypto is a disposal that can trigger Capital Gains Tax on the gain. Simply holding crypto, or moving it between your own wallets, is not a disposal and isn't taxed. Crypto you receive from staking, mining, an airdrop or as payment is usually taxed as income at the point you get it.

After the £3,000 Annual Exempt Amount, a crypto gain is taxed at 18% for the part that falls within your remaining basic-rate band and 24% for anything above it. Which applies depends on your other income, because the gain is taxed as the top slice on top of that income. Since 30 October 2024 these are the same rates that apply to any chargeable asset, so a higher-rate taxpayer pays 24% on the whole taxable gain.

The Annual Exempt Amount is £3,000 for 2026/27 — the same as 2025/26. It's the total gains you can make across the tax year before any Capital Gains Tax is due. If your total gains after costs are under £3,000 there's no CGT to pay, though you may still need to report the disposals if your total proceeds were large.

Yes. Trading one token for another — for example Bitcoin for Ethereum, or a coin for a stablecoin — is a disposal of the first token, even though no pounds changed hands. You work out the gain using the market value in sterling of what you received. This catches a lot of active traders out, because a busy year of swaps can build up a large gain with no cash ever hitting your bank account.

You report crypto gains on the Capital Gains Tax pages (SA108) of a Self Assessment return. You generally need to report if your total gains are over the £3,000 allowance, or if your total proceeds for the year were more than £50,000 even where the gain is covered. Staking, mining or other crypto income goes in the income section. Keep records of every buy, sell and swap with dates and sterling values — HMRC also receives data from exchanges.

A capital loss isn't taxed, but it's worth reporting. A reported crypto loss can be set against other gains in the same tax year — including gains on property or shares — or carried forward to reduce Capital Gains Tax on a future gain. Claim losses on your Self Assessment return within four years of the end of the tax year in which they arose.

No. Capital Gains Tax is a UK-wide tax, so the £3,000 allowance and the 18% / 24% rates are the same in Scotland. What differs is the Income Tax on your other income — Scottish taxpayers have different Income Tax bands — which can change how much of your gain falls into the 24% rate.