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UK crypto taxation is governed by HMRC (His Majesty's Revenue and Customs). Unlike the US or Australia, the UK has specific rules for crypto including the Section 104 pooling rule and the 30-day same-day and bed-and-breakfast matching rules.
HMRC Crypto Tax Rules Explained
HMRC treats cryptocurrency as a capital asset, not currency. Every disposal — including selling for fiat, trading crypto-to-crypto, spending crypto, or gifting to a non-spouse — is a taxable event. You calculate gain/loss on each disposal.
UK CGT Rates for Crypto (2024/25)
As of the October 2024 Autumn Budget, CGT rates on crypto align with other assets: 18% for basic rate taxpayers and 24% for higher/additional rate taxpayers. The annual CGT exemption is £3,000.
The Section 104 Pool Rule
HMRC requires you to calculate your cost basis using a pooling method: all purchases of the same asset are averaged into a single pool. When you sell, you use the pool average price as your cost basis — not specific lot identification (FIFO/LIFO).
Reporting Crypto on Self Assessment
Crypto gains go on the SA108 Capital Gains Summary supplement. List each asset separately with total proceeds, costs, and gain/loss. Losses can be offset against gains and carried forward indefinitely.
DeFi and NFT Tax Treatment in the UK
HMRC has issued guidance that DeFi lending/staking rewards may be income (subject to Income Tax) rather than capital gains, depending on the nature of the activity. NFT sales are treated as capital disposals. Seek professional advice for complex DeFi positions.