Cryptoasset reporting framework
From January 2026 UK businesses facilitating cryptoasset exchanges must collect user and transaction data and report it to HMRC under the new cryptoasset reporting framework (CARF)
The first report, which will cover the period from 1 January to 31 December 2026, must be submitted to HMRC by 31 May 2027.
If you hold cryptoassets (such as bitcoin; stablecoins; and non-fungible tokens) you will need to give certain personal details to every cryptoasset service provider you use, to make sure you are paying the right tax.
The information includes:
- name, address, and date of birth;
- tax residence;
- national insurance number or tax reference; and
- summary of crypto transactions.
Failure to provide this information may result in a fine of up to £300. Service providers face fines of up to £300 per user for incomplete or inaccurate reporting.
The self assessment tax return for 2024-25 includes new boxes for reporting gains and losses from cryptoassets separately from other assets. The CARF will allow HMRC to reconcile taxpayers' records with information received from service providers to ensure the correct amount of tax is paid.
If you own (or have owned) cryptoassets, contact us to discuss what you need to report to whom and confirm you are meeting your tax obligations.
