Generally no - simply holding cryptocurrency doesn't create a taxable event. Tax typically applies when you sell, exchange, or spend your crypto.
You need records of all transactions including dates, amounts, GBP values at transaction time, wallet addresses, and the purpose of each transaction.
Yes, capital losses from cryptocurrency can be offset against capital gains in the same tax year, and unused losses can be carried forward to future years.
Our calculator provides estimates based on standard UK tax rates and allowances. For complex situations or final tax preparation, consult our specialist crypto tax accountants.
Our crypto tax service includes Koinly software that can automatically import and categorise up to 25,000 transactions from 800+ exchanges and wallets.
Self assessment tax returns including crypto gains must be filed by 31st January following the end of the tax year (e.g., 31st January 2025 for 2023/24 tax year).