Does Revolut Report to HMRC? Crypto Tax UK 2025/26

Revolut is one of the UK's biggest crypto on-ramps — millions of people bought their first Bitcoin or Ethereum inside the same app they use for everyday spending. That convenience comes with a tax question most users never think about until a letter lands: does Revolut report your crypto to HMRC, and what do you actually owe?

The short answer: under CARF (the Crypto-Asset Reporting Framework), in-scope providers started collectingreportable data on 1 January 2026, HMRC receives the first reports by 31 May 2027, and reconciliation against Self Assessment begins from 2027. In plain terms — exchanges are collecting now; HMRC matches next year. That does notmean HMRC already holds your 2025/26 activity from this channel. But it does mean the gap between “what you filed” and “what your provider recorded” is closing fast.

This guide covers what Revolut does and doesn't share, why its export isn't HMRC-ready, exactly how your Revolut crypto is taxed, and how to turn it into a filing-ready SA108 report.

Does Revolut report to HMRC?

The honest, precise answer has two parts. First, CARF: from 1 January 2026, reporting crypto-asset service providers (RCASPs) in scope of the framework must collect transaction-level data on their users — identity, disposals, acquisitions and income. HMRC receives the first of these reports by 31 May 2027, and matches that data against Self Assessment returns from 2027. So the collection has started, but the first HMRC reconciliation is still ahead of us.

Second, the years before CARF aren't a blind spot. HMRC has already obtained crypto data directly from exchanges and used it to send over 100,000 nudge letters to UK crypto holders, asking them to check whether they've declared their gains. If you traded on Revolut in 2023/24 or 2024/25, those years are not automatically “safe” just because CARF only kicks in for 2026 onwards.

Why Revolut's export isn't HMRC-ready

Revolut will give you a statement of your crypto activity, and for what it is, it's accurate. The problem is that an exchange statement and an HMRC Capital Gains calculation are two different things. The export tells you what happened; it does not apply the rules that decide what you owe.

• No Section 104 pooling.HMRC requires a single weighted-average cost pool per token (CRYPTO22200, s104 TCGA 1992). Most crypto tax tools and exchange exports default to FIFO or a per-trade view, which produces a different — usually wrong — gain. See the Section 104 pooling rule explained.
• No same-day or 30-day matching. The same-day and 30-day Bed & Breakfast rules override the pool and must be applied in HMRC's priority order before it. An exchange export doesn't do this.
• It only sees Revolut.If you also hold crypto on another exchange or on-chain, those acquisitions share the same pool. Revolut can't pool ETH it never saw — the cost basis is wrong the moment you move coins between platforms.
• No SA108 mapping.Your gains have to land on boxes 13.1–13.8, with the 2024/25 split-year rate change handled in Box 51. A statement of trades is a long way from those boxes.

This is the same gap we cover for the other big UK on-ramps — Coinbase, Binance, Kraken and Crypto.com. The export is a starting point, never the finished return.

How Revolut crypto is taxed in the UK

HMRC doesn't care that the trade happened inside Revolut — it cares about the type of event. Here is how each Revolut crypto activity maps to UK tax treatment:

Two of these catch people out. Swapsare a disposal even though no GBP changes hands — identical to how HMRC treats DeFi token swaps. And spending crypto on the Revolut cardis a disposal at the GBP value on the day — every coffee bought with Bitcoin is a micro-CGT event. The line between income and gains matters too; if you're unsure which applies, see DeFi income vs capital gains.

Worked example: a typical Revolut + wallet year

Say you bought ETH on Revolut, later bought more ETH on another exchange, and sold one lot on Revolut. The whole point of pooling is that all of it shares one cost basis — which is precisely the number Revolut's own export can't produce.

This is why a single cross-platform pool matters more than any one export. If you moved that ETH between chains in between, remember that bridging is not a disposal and the cost basis carries across — a tool that books it as a sale would invent a phantom gain.

When do you actually have to report?

Two thresholds decide whether Revolut crypto reaches your return, and they are easy to confuse:

• The £3,000 annual exempt amount.Net chargeable gains below this for 2024/25, 2025/26 and 2026/27 aren't taxed. Above it, you pay CGT on the excess.
• The £50,000 proceeds trigger. If your total disposal proceedsacross all crypto exceed £50,000 in the tax year, you must report on SA108 even if you have no taxable gain. This is a gross-proceeds test, not a profit test — a high-volume Revolut trader can blow past it while barely making money.

Reward income is separate again: it's reportable on SA100 whatever your gains position, and goes in the “Other income” section — never on SA108. For the full decision tree, see do I need to report crypto to HMRC and our SA108 boxes 13.1–13.8 walkthrough.

Made a loss on Revolut? It isn't wasted — capital losses can be claimed and carried forward to offset future gains. See crypto losses and tax relief.

A note on staking and reward income

Any crypto reward you receive — staking yield, promotional rewards, learn-and-earn drops — is miscellaneous income at its GBP fair market value on the day it lands, taxed at your marginal rate (20%, 40% or 45%). The same coins then enter your Section 104 pool at that receipt-date value, so a later sale is a separate Capital Gains event measured against the pooled cost, not against zero.

That double treatment — income now, CGT later — is the single most common reporting mistake we see. For the mechanics, see how to report staking rewards to HMRC. And one accuracy point worth flagging: HMRC's no-gain/no-loss direction for some DeFi activity announced at Autumn Budget 2025 is not yet law— it's prospective and not retrospective. For 2024/25 and 2025/26 the strict rule still applies, including that an LP add is a disposal. Don't file as if the change is already in force; the detail is in our DeFi no-gain/no-loss explainer.

The cost of getting it wrong

With CARF data reaching HMRC from 2027, an undeclared disposal is far easier to spot than it used to be. The penalties for filing late are mechanical and stack up:

• £100 automatic penalty the day you miss the deadline.
• £10 a day after three months, up to £900.
• 5% surcharges at 30 days, 6 months and 12 months on tax owed.
• Interest of around 7.75% on the unpaid amount.

The online Self Assessment deadline is 31 January(paper is 31 October). If a balance is large, you may also fall into the payments on account regime. Reconciling now — rather than after a nudge letter — is by far the cheaper path.

How ChainTax turns Revolut into a filing-ready report

ChainTax starts from HMRC's manual, not an exchange default. Bring your Revolut history together with every other exchange and wallet you use, and the engine:

1. Pools at average cost, never FIFO. One Section 104 pool per token, built across Revolut, your other exchanges and on-chain, so a transfer between platforms never corrupts the cost basis.
2. Applies the matching rules in order.Same-day, then the 30-day Bed & Breakfast rule, then the pool — with the day boundary in the Europe/London timezone so disposals near 5 April land in the right tax year.
3. Splits income from gains.Reward income lands on SA100 “Other income” at receipt-date value and enters the pool; disposals (including card spends and swaps) land on SA108 — not bucketed together the way most crypto tax tools do.
4. Fills SA108 and Box 51.Boxes 13.1–13.8 are computed directly, and the 2024/25 split-year rate adjustment is done for you.
5. Shows the working on every disposal.The matching rule, the pool before and after, the cost basis and the price source — the audit trail an accountant can sign off.

You can calculate your crypto CGT free for up to 200 transactions, including the full report preview, and only pay when you download the SA108-ready report. Weighing up your options first? See how ChainTax compares to the other UK tools.