Taxation of cryptoassets ― overview

Produced by a Tolley Personal Tax expert

Personal Tax

Guidance

STOP PRESS: The remittance basis is abolished from 6 April 2025, although this only applies to foreign income and gains arising on or after that date. The remittance basis rules still apply to unremitted income and gains arising before that date but remitted later. The legislation is included in FA 2025. For more details, see the Abolition of the remittance basis from 2025/26 guidance note.

Introduction to cryptoasset taxation

Cryptoasset investment and transactions are an attractive alternative to traditional finance and are becoming increasingly mainstream. HMRC does not consider cryptoassets to be money or currency even though cryptocurrencies are being increasingly used as a pure means of payment. This remains HMRC’s position despite Bitcoin being recognised as legal tender in El Salvador since September 2021 and the Central African Republic between April 2022 and April 2023.

Cryptoassets in some regions are seen as being more stable than local currencies, despite their high risk and volatile nature. Employees working in regions where local currency is continually depreciating may prefer payment in cryptoassets, and yet guidance on

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