UK Publishes Draft Crypto Tax Rules for Lending, Liquidity Pools and Stablecoins

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The UK published draft crypto tax rules on July 13, 2026 and opened an eight-week consultation to September 7, 2026 proposing tax deferral for qualifying crypto loans until an economic disposal and tax relief for eligible stablecoins while excluding Bitcoin; lending and stablecoin measures would take effect from April 2027. The draft also expands HMRC information powers and CARF reporting, increasing oversight and compliance costs for DeFi platforms, DEX/CEX activity and market participants, which may support stablecoin adoption but raises regulatory uncertainty and operational burdens.
- HMRC proposes tax deferral on qualifying crypto loans until an economic disposal occurs.
- Eligible stablecoins could gain tax relief, while Bitcoin would remain outside the rules.
- CARF reporting and wider HMRC powers would increase oversight across crypto transactions.
The UK government has published draft tax rules covering crypto lending, liquidity pools, stablecoins, and HMRC information powers. The lending and stablecoin measures would take effect from April 2027. The information-power reforms would begin after Royal Assent.
The measures are not yet law. The government opened an eight-week technical consultation on July 13, 2026. It would close on September 7, 2026, before the legislation is introduced in Parliament.
The main proposal changes how individuals and trustees are taxed on qualifying crypto loans and liquidity pools. Some transfers would use a no g…
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