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Crypto asset Tax

Specialist tax advice for individuals and businesses holding,
trading or operating in crypto assets

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Crypto assets sit in a part of the tax system that has developed more quickly than almost any other. HMRC guidance has expanded rapidly, reporting obligations have tightened and the introduction of the Crypto asset Reporting Framework from 2026 means activity that previously went unreported will increasingly be visible to HMRC. For anyone with significant historic activity, the window to get the position right before HMRC arrives is narrowing.

For individuals with significant holdings, traders, miners, stakes, those receiving airdrops and businesses operating in the space, the tax position needs proper analysis.

Disposals, swaps, DeFi protocols, staking rewards and the various other ways value moves in the crypto asset ecosystem each have their own tax treatment.

Our team works with individuals and businesses across the crypto asset space.

We deal with both the technical analysis of complex positions and the practical work of getting historic activity correctly reported to HMRC.

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Related services

How we deliver crypto asset tax advice

The starting point on most engagements is a detailed reconciliation of activity.

Transaction histories from exchanges, wallets and DeFi protocols are pulled together, categorised correctly and the chargeable events identified.

This work is often substantial because the source data is rarely in a tax-ready form.

From there, the analysis works through the position.

Disposals, swaps, the receipt of staking rewards, airdrops, hard forks, NFT transactions and the various DeFi interactions are each analysed against HMRC’s published guidance and the underlying tax legislation.

Where the position is unclear, we form a view and document the reasoning.

Our expertise

  • Capital Gains Tax on disposals and swaps
  • Income tax on staking, mining, airdrops and other crypto income
  • Crypto asset business taxation
  • Disclosure to HMRC of unreported historic activity
  • Reconciliation of complex transaction histories
  • DeFi protocols and the tax analysis of liquidity provision
  • NFT taxation
  • Inheritance Tax and succession planning for crypto holdings
  • Cross-border crypto asset tax
  • Anti-money laundering and source of funds documentation

Where historic activity has not been correctly reported, we work with clients on voluntary disclosures to HMRC.

This is often the right route to get the position regularised before HMRC come asking.

The approach taken to the disclosure has a material effect on the outcome.

What you can expect from our crypto asset team

Three things define how we approach the work:

Technically grounded

Crypto asset tax is technical, evolving and often unclear. Our team works through the legislation, HMRC guidance and the underlying transaction analysis rather than applying assumptions. Where the position is uncertain, the basis for the view we take is documented.

Built to withstand scrutiny

With HMRC focus on crypto asset reporting tightening, the analysis we deliver is prepared to stand up to enquiry. The reconciliation is evidenced, the chargeable events are identified consistently and the underlying records support the position.

Practical about the data

Most crypto asset engagements involve substantial work reconciling transaction histories that exchanges and protocols do not produce in a tax-ready form. We treat that work seriously rather than skipping over it.

Individuals and businesses come to us on crypto asset tax because they want a trusted guide through what is a genuinely complex and fast-moving area – someone with the technical depth to take a defensible view, the practical experience to manage the data and the judgment to know when a voluntary disclosure is the right route before HMRC makes that decision for them.

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Why choose Macalvins?

Macalvins is a Top 100 UK accountancy firm and a member of PrimeGlobal, a network of around 300 independent firms across more than 80 countries.

That combination gives clients the depth and continuity of a senior-led independent practice together with the international reach they increasingly need.

The result is advice that holds together across jurisdictions, services and years.

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Insights

Frequently Asked Questions

We have years of unreported crypto activity. What is the best route to regularise the position?

Usually, a voluntary disclosure to HMRC. The exact route depends on the scale, the type of activity and the period involved. The Worldwide Disclosure Facility, the Digital Disclosure Service and other routes each have different procedural and penalty implications. We work through the right path and handle the disclosure end to end.

How does HMRC treat DeFi activity such as staking, lending and liquidity provision?

HMRC has published guidance distinguishing between activity that results in a disposal of beneficial ownership and activity that does not. The analysis is detailed and the conclusions can vary between protocols. We work through the specific facts of each protocol against the guidance and form a documented view.

What will change with the Crypto asset Reporting Framework?

From 2026, crypto asset service providers in the UK and many other jurisdictions are required to collect and report information on their users to local tax authorities, with that information then exchanged between countries. The practical effect is that activity on exchanges and other reporting providers will be visible to HMRC in a way that it previously was not. Now is the right time to make sure the historic position is in order.