The tax treatment of some crypto assets is set to change under draft legislation for Finance Bill 2026–27. The proposed changes include new rules for qualifying stablecoins, crypto asset loans and liquidity pools.
Eligible stablecoins are expected to be treated more like money for Capital Gains Tax (CGT), Income Tax and Corporation Tax purposes. The government intends to introduce rules to provide greater certainty over how these assets are taxed, with the changes expected to apply from April 2027.
New rules will also apply to certain transactions involving cryptoasset loans and liquidity pools. Qualifying disposals will generally be treated as taking place on a ‘no gain, no loss’ basis for CGT purposes. This is intended to prevent a taxable gain or loss arising where there has not been an economic disposal of the cryptoasset.
The measures follow calls for clearer tax rules as the use of crypto assets continues to develop. HMRC has published draft legislation and supporting material for technical consultation, with further guidance expected before the new rules take effect.