UK Defers Capital Gains Tax On Crypto Lending And Pools
HM Revenue and Customs published the rule on 13 July 2026, covering roughly 700,000 lenders and liquidity-pool depositors from 6 April 2027.
- Lending, borrowing, and automated market making all qualify, amending the Taxation of Chargeable Gains Act 1992.
- The tax applies only when an investor gets back a different quantity than they invested.
- Borrowed coins are valued and taxed at market price when the loan begins, not the collateral.
Why it matters: A revenue authority that waits for real gain before taxing has decided paper movement was never income.
HM Revenue & Customs (GOV.UK) — Tax Treatment of Cryptoasset Loans and Liquidity Pools ↗ · Jul 15, 20267/15/26