HMRC crypto tax reminder: January 2027 filing deadline

HM Revenue and Customs has reminded UK cryptoasset holders about tax reporting as it starts its 100-day countdown to the Self Assessment deadline. Its 23 October notice says gains above the £3,000 tax-free allowance must be declared for the 2025 to 2026 tax year, with online returns and tax payments due by 31 January 2027.

The announcement is a filing reminder, not a new tax on digital assets or a change to the allowance. The nearer deadline is for paper Self Assessment returns, which are due on 31 October 2026. HMRC expects around 12 million people across the wider Self Assessment system to submit returns by the January deadline.

The notice directs cryptoasset holders to the department's existing capital-gains guidance. That guidance makes a distinction between owning tokens and disposing of them: transactions can fall within the rules even when no money is withdrawn to a bank account. The relevant question is what happened to the assets, rather than whether an exchange paid out cash.

Token exchanges can also count as disposals

According to HMRC's guidance, disposals include selling tokens, exchanging one type of cryptoasset for another and using tokens to pay for goods or services. Giving tokens to another person can also count, although the guidance identifies exceptions involving a spouse, civil partner or charity. These are existing rules, not measures introduced by the October reminder.

HMRC says the reporting test considers total gains from disposals of relevant assets, including cryptoassets, over the tax year. The £3,000 figure in the announcement is a gains allowance, not a limit on the value of tokens held or the total value of sales. The department's guidance also notes that receiving cryptoassets can involve other taxes.

A gain is normally the difference between the amount paid for an asset and the amount received on disposal. HMRC identifies situations in which market value must be used instead, including transfers between connected persons. It also says the calculation differs for certain transactions involving tokens bought and sold within a short period.

Records matter beyond an exchange statement

The guidance requires each type of token to be grouped into a separate cost pool. Additions and disposals change the pool's cost, which is then relevant to calculating gains. Purchases on the same day as a sale, or within 30 days after a sale of the same token type, are subject to separate matching rules rather than the ordinary pooling treatment.

HMRC lists transaction fees and some other disposal-related expenses among allowable costs. It excludes costs already deducted against Income Tax profits and expenses of mining activities, such as equipment and electricity. These distinctions mean an exchange's transaction history is not, by itself, the completed tax calculation described in the guidance.

The department says records should identify the token type, disposal dates and quantities, remaining holdings, sterling values and pooled costs before and after disposals. Bank statements also form part of the listed records. Exchange reports can help establish transactions, but HMRC warns that they do not track pooled costs and are not tax calculations.

Existing reporting routes remain in place

For gains reported through Self Assessment, HMRC says amounts belong in the cryptoasset section and must be completed in pounds sterling. That section has been available since returns for the 2024 to 2025 tax year. The linked guidance was last updated on 5 October 2026 to update a video, not to announce a new filing requirement.

People entering Self Assessment for the first time must register to obtain a Unique Taxpayer Reference, according to the October notice. It also says people enrolled in Making Tax Digital for Income Tax still need to submit their Self Assessment return in the usual way and pay tax owed by 31 January 2027.

The department's reminder includes an impersonation warning: unexpected messages may attempt to obtain money or personal information using HMRC's name. Official guidance and support are available through the government’s official website. The notice does not change individual liabilities or provide a universal calculation for every holder; the linked material sets out the existing reporting framework rather than investment advice.