About Crypto Tax in the UK
In the UK, cryptocurrency is subject to Capital Gains Tax (CGT) when you sell, trade, or gift it.
2024/25 Tax Rates
- Tax-Free Allowance: £3,000 per year (reduced from £6,000)
- Basic Rate: 10% on gains above allowance
- Higher Rate: 20% on gains above allowance
What Triggers Crypto Tax?
- Selling crypto for GBP/USD
- Trading one crypto for another (e.g., BTC to ETH)
- Using crypto to buy goods/services
- Gifting crypto (except to spouse)
What's NOT Taxed?
- Buying and holding cryptocurrency
- Transferring between your own wallets
- Gifting to your spouse/civil partner