UK crypto tax in 2026: 5 things you need to know
CARF, crypto ETNs leaving ISAs, the FCA's final rules, more HMRC letters and HMRC's first crypto figures. Here is what has happened in UK crypto tax this year.
Sham Sadiq· 2 min read
2026 has been one of the biggest years yet for UK crypto tax. HMRC is getting more data, the rules are tightening, and the figures show it is paying attention. Here are five things you need to know.
1. HMRC can see more (January)
From 1 January 2026, UK crypto platforms started collecting their users’ details and transactions under CARF, the Cryptoasset Reporting Framework. The first reports go to HMRC in 2027, covering the 2026 calendar year.
That means HMRC will be able to compare what platforms report with what you declare on your tax return. Read more about CARF.
2. Crypto ETNs left the Stocks and Shares ISA (April)
Crypto exchange-traded notes (ETNs) are products listed on a stock exchange that track the price of crypto. Since 6 April 2026 they only qualify for an Innovative Finance ISA, not a Stocks and Shares ISA. Held in a normal account, any gains can face Capital Gains Tax.
3. The FCA finalised its crypto rules (June)
The Financial Conduct Authority published its final rules for UK crypto firms on 30 June 2026. They are expected to come into force on 25 October 2027, bringing stricter rules on how platforms hold your crypto. Crypto stays high risk, and the new rules do not change how it is taxed. Read what changes for investors.
4. More warning letters
Around 81,000 crypto warning letters went out in 12 months, up about a quarter on the 65,000 sent the year before. These figures were reported by UHY Hacker Young and are not official HMRC statistics. A letter is not a penalty, but it should not be ignored. Read what to do if you get one.
5. HMRC’s first official crypto figures
HMRC published its first ever official figures on crypto gains. For the 2024 to 2025 tax year, 17,600 people declared crypto gains, and 240 of them declared gains of more than £1 million each. HMRC estimates its compliance work raised an extra £168 million. Read more about the figures.
What’s next
The Budget is on 28 October 2026, and changes to Capital Gains Tax have been widely discussed. Nothing has been confirmed yet. We will cover anything that affects crypto once it is announced.
What to do now
HMRC has never had more data on crypto. A good starting point is to:
- Gather your transactions from every exchange and wallet you have used.
- Check that each sale, swap or spend, and the gain or loss on it, is recorded correctly.
- Put right any gaps before your next Self Assessment return.
Not sure your records are right? Get in touch. Call or WhatsApp 07488 883219, or email contact@swabi.co.uk.
General guidance, not financial or tax advice.
Sources
- HMRC: Check if you need to pay tax when you sell cryptoassets
- HMRC: 240 crypto millionaires revealed in new government data
- FCA: Overview of our cryptoassets regime policy statements
- Crypto Briefing: HMRC sends 81,000 warning letters to crypto holders
- Tech Times: Hargreaves Lansdown opens Bitcoin ETNs, minus ISA shelter
This article is general information based on HMRC guidance at the time of writing and isn't personal tax advice. Rules change, so please get advice for your own circumstances.
