Crypto tax in the UK: what you need to know
By SendPay Business · · 2 min read
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HMRC treats crypto as property rather than money. For most people that means Capital Gains Tax can apply when they sell, swap or spend it for more than they paid. This guide covers the basics; for your own situation, check GOV.UK or ask a tax adviser.
When Capital Gains Tax can apply
- Selling crypto for pounds or another currency.
- Swapping one crypto for another.
- Using crypto to pay for goods or services.
- Giving crypto away, except to a spouse or civil partner.
When it can count as income
Crypto received as pay, from mining, or from some staking and airdrops can be treated as income instead. Which tax applies depends on how you got it.
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HMRC expects you to keep records of each transaction: the date, the amount, what you paid and what you got. There is a yearly tax-free allowance for gains, and the current amount and rates are on GOV.UK.
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This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. Other companies named in this guide are reference points only and are not affiliated with SendPay Business.