Do you know the tax implications of investing in crypto assets, gold or other precious metals?

In recent years there has been an increase in individuals pursuing their own investments, but many do not realise that selling, swapping or cashing in these investments can create a tax reporting obligation.

When crypto gains may be taxable

If you have been buying and selling crypto assets, in most cases capital gains tax will apply (please note that there may also be instances where profits are subject to income tax). You may be investing within a crypto asset platform and it is important to remember that any transactions within the platform, including exchanges between different crypto assets are sales for CGT purposes. It is not necessary for funds to be withdrawn from the fund for tax liabilities to arise.

From January 2026 these platforms are required to collect details of all transactions you carry out and provide annual summaries to HMRC. The first report for the 2026 calendar year will be provided to HMRC by May 2027. If HMRC believes an individual has under declared they are likely to make contact and will look to impose significant penalties in addition to the tax and interest charges.  

If you have tax to pay for the year ending 5 April 2026, you will need to register for self-assessment by 5 October 2026 and file the tax return and pay any tax by 31 January 2027. Waiting for HMRC will lead to interest charges and potentially significant penalties.

If you have tax to pay for previous years, this will need to be dealt with through HMRC’s crypto asset disclosure facility.

If you have not done so already, now is the time to review your transactions and ensure any necessary reporting is dealt with.

Are gold or other precious metals taxable?

Although there are currently no obligations for HMRC to be provided with details of investments in Gold or similar investments, you should ensure any taxable gains are reported to HMRC. Investments in coins that are legal tender are generally exempt from tax but other investments, such as gold bars or digital gold are taxable.

Gold has increased in value by over 30% since June 2025.  An investment of around £10,000 at that time may now be worth over £13,000 and a sale could exceed the £3,000 annual capital gains annual exemption.

If you have invested in crypto assets, gold or other precious metals and are unsure whether you need to report a gain, please get in touch.