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Collection started on 1 January 2026
Under the Cryptoasset Reporting Framework, crypto platforms began collecting user and transaction data on 1 January 2026. That is in force now.
The reports themselves come later. Providers must submit their first report to HMRC between 1 January and 31 May 2027, covering calendar year 2026, and annually by 31 May after that.
The distinction matters. Your 2026 activity is being recorded now and will land with HMRC next year. There is a window, and it will close.
What gets reported
Your name, address, date of birth, country of residence and tax identification number, along with your transactions: disposals, exchanges, and transfers. This is an international framework, so it is not limited to UK platforms.
If you have been assuming that crypto is difficult for HMRC to see, that assumption expires with the 2026 data.
How crypto is actually taxed, which surprises people
Most people are taxed under capital gains rules, not income tax. HMRC treats individuals as investors unless the activity amounts to a trade, which is rare and requires more than frequent dealing.
Here is the part that catches everyone: swapping one cryptoasset for another is a disposal. Selling Bitcoin for Ethereum is a taxable event, even though no pound ever hit your bank account. Spending crypto on goods is a disposal too.
So somebody who never withdrew a penny to sterling can still have a substantial gain and a filing obligation. This is easily the most common misunderstanding, and the volume of transactions makes it worse: hundreds of swaps means hundreds of disposals, each needing a sterling value at the date it happened.
Note also that with the annual exempt amount now only £3,000, gains that would once have been covered are now taxable at 18% or 24%.
Staking and mining rewards are generally income at the point of receipt, and then a later disposal of the coins is a separate capital gain on top.
What to do
Get your transaction history out of every exchange you have used, including ones you no longer use. Do it now while the accounts are still open, because platforms fold and access disappears.
Use crypto tax software. Working out the pooled cost under the share matching rules across hundreds of transactions by hand is not realistic, and the same day and 30 day rules apply.
If you have gains you did not declare in earlier years, get advice on disclosing before the 2027 reports arrive. A voluntary disclosure is treated very differently from being found.
Common questions
I only bought and held. Do I need to do anything?
If you have not disposed of anything, there is generally no gain and nothing to report. Keep your acquisition records for when you do sell.
Do I pay tax if I made a loss?
No, but claim the loss. It can be set against other gains and carried forward, but you must claim it within four years.
This reflects HMRC guidance as at July 2026. Crypto positions get complicated quickly and the record keeping is the hard part. If you have gains to work out or an earlier year to put right, get in touch.
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