Staking and Mining Income Estimator
Staking rewards and mining income are taxed as miscellaneous income. The £1,000 miscellaneous income allowance can reduce the taxable amount. Enter your receipts and other income to see the estimated tax.
Staking and Mining Income Estimator
Staking rewards and mining income are taxed as miscellaneous income. The £1,000 miscellaneous income allowance can reduce the taxable amount. Enter your receipts and other income to see the estimated tax.
The sterling value of rewards at the date of receipt, as required by HMRC.
Salary, self-employment income etc. Determines which tax band your staking income falls into.
When you later dispose of staked or mined tokens, CGT will apply to any gain above the value at the date of receipt. Speak to a specialist for the complete picture.
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How HMRC taxes staking and mining income
HMRC's position is that staking rewards and mining income received by individuals are taxed as miscellaneous income in the year of receipt, at the sterling value on the date received. This is different from trading profits.
The £1,000 miscellaneous income allowance can reduce the taxable amount. If gross staking and mining income is below £1,000 in the year, no income tax is due. Above that, the excess is taxable at your marginal rate.
When you later sell staked or mined tokens, Capital Gains Tax applies on any gain above the acquisition cost (which is the value at the date of receipt, having already been taxed as income).
Frequently asked questions
Is staking income taxed differently from mining income?
HMRC treats both staking rewards and mining income as miscellaneous income where they do not amount to a trade. The tax treatment on receipt is the same: sterling value on the date of receipt, subject to the £1,000 miscellaneous income allowance.
What is the acquisition cost when I later sell staking rewards?
The acquisition cost for CGT purposes is the value at the date of receipt, because that value was already taxed as income. You do not pay tax twice on the same amount.
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