Is swapping one crypto for another taxable?

Yes. Exchanging one token for another is a disposal of the first token at its market value in pounds, even though no pounds change hands.

Do Scottish rates apply to crypto gains?

No. Capital Gains Tax uses UK-wide rates and the UK basic-rate band, even for Scottish taxpayers. Your Scottish income still determines how much of the basic-rate band is left.

What is the section 104 pool?

HMRC requires all tokens of the same type to be pooled at their average cost. When you sell some, the allowable cost is the pool's total cost multiplied by the fraction sold.

Is crypto income from staking taxed differently?

Staking rewards and mining income are usually taxed as income when received, at their value then. That value becomes the cost for CGT when the tokens are later sold.

Crypto Tax Calculator UK 2026/27 — Capital Gains on Crypto

I am already registered for Self Assessment

Tokens held before the sale

Total cost of those tokensSection 104 pool

Tokens sold or swapped

Sale proceeds (£ value)

Exchange fees

Other taxable income

Current-year capital losses

Unused losses from previous yearsUsed only against gains above the annual exemption

Loss balances are calculated after protecting the annual exemption for brought-forward losses. Swapping one token for another, spending crypto and gifting it (except to a spouse) are all disposals. Tokens bought the same day or within 30 days after the sale are matched first, which this estimate ignores. This single-disposal estimate assumes your annual exemption is unused; proceeds-only reporting assumes you already file Self Assessment.

Crypto tax calculator — Capital Gains Tax on UK crypto disposals.

One token, one disposal

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