Gifting Crypto in the UK: Tax on Gifts to Spouses and Others

Gifting crypto is taxed differently depending on who receives it. A gift to your spouse or civil partner (living with you) is no gain, no loss, so no Capital Gains Tax is due when you make it. A gift to anyone else, such as a child, parent or friend, is a disposal at market value, so you can owe tax on the gain even though you received nothing. A gift to a charity is free of Capital Gains Tax. This guide explains each case with a worked example, and what it means for the person who receives the crypto.

Do you pay tax when you gift crypto to your spouse?

No, provided you are married or civil partners and living together. GOV.UK says you do not pay Capital Gains Tax on assets you give or sell to your husband, wife or civil partner, unless you separated and did not live together at all in that tax year, or you gave them goods for their business to sell on. HMRC's manual (CG22200) explains that the transfer is treated under section 58 of the Taxation of Chargeable Gains Act 1992 as giving you neither a gain nor a loss, whatever value the gift has and whether it is a gift or a sale.

Your spouse steps into your shoes. The date they acquire it is the date you transferred it, and their cost is the cost that gave you no gain and no loss, which is your share of the pool cost. They pay tax on any gain when they eventually dispose of it, and GOV.UK says they should keep a record of what you paid.

Worked example. Your ETH pool holds 2 ETH costing £3,000, an average of £1,500 each. On 12 October 2026 you give 1 ETH, worth £2,500, to your spouse. On the transfer you have no gain and no loss and your pool drops to 1 ETH costing £1,500. On 1 December 2026 your spouse sells that ETH for £2,800. Their cost is £1,500, so they have a £1,300 gain in their own 2026/27 tax year, which their £3,000 allowance covers: no tax.

Because each of you has an allowance and a basic rate band, this can lower the total bill, as our guide to how to legally reduce crypto tax shows with exact figures. Two limits apply. The gift has to be real, so your spouse must genuinely own the crypto afterwards. And you cannot claim a loss on a transfer to a spouse, because it is no gain, no loss.

What if you are separated or divorcing?

The no gain, no loss treatment applies where the couple are living together. Under section 58, it also applies to transfers made after you stop living together, up to the end of the third tax year after the tax year you ceased to live together, and to transfers made under a divorce agreement or court order. Outside those cases the gift is treated like a gift to anyone else, at market value. Separations are fact-specific, so take advice.

Do you pay tax when you gift crypto to someone else?

Yes, it may be taxable. HMRC's Cryptoassets Manual (CRYPTO22100) says that if tokens are given to someone who is not a spouse or civil partner, you must work out the sterling value of what you gave away, and for Capital Gains Tax you are treated as having received that amount, even though you received nothing. GOV.UK's guidance on selling cryptoassets says the same: giving tokens to another person is a disposal unless it is to your spouse, civil partner or charity.

Worked example. Same pool: 2 ETH costing £3,000. On 12 October 2026 you give 1 ETH to a friend when it is worth £2,500.

• Deemed proceeds: £2,500 (market value on the day).
• Allowable cost: £1,500 (half of the £3,000 pool).
• Gain: £1,000, which is inside the £3,000 allowance, so no tax is due.

If the ETH had been worth £10,000 the gain would be £8,500, with £5,500 above the allowance taxed at 18% or 24%: you could pay tax on a gift and receive nothing to pay it with. The gift is still a disposal you need to report where the SA108 rules require it; see how to report crypto on your tax return.

What value do you use for a gift?

GOV.UK's market value page says to use the market value at the date of the gift. HMRC can check your valuation: after the disposal you can complete a "Post-transaction valuation check" form and HMRC says to allow at least three months for its response. In practice, use a consistent daily sterling price from a reputable source, record which one, and keep a screenshot or export. Our calculator values each gift on its UK date with the same method used for all your other transactions.

Can you claim a loss on a gift?

Usually not. GOV.UK says you cannot deduct a loss from giving, selling or disposing of an asset to a family member (including children, parents, grandparents, brothers and sisters, and their spouses), or to other "connected people" like business partners, unless you are offsetting a gain from the same person. A gift to a friend who is not connected to you does not have that restriction, but selling to a friend at a low price to create a loss is likely to be looked at closely. See claiming crypto losses.

What about gifts to charity?

GOV.UK says you do not have to pay Capital Gains Tax on assets you give away to charity, but you may have to pay if you sell an asset to a charity for both more than you paid and less than market value, in which case your gain is based on what the charity actually pays you. HMRC's manual (CRYPTO22100) adds that the charity relief does not apply to a "tainted donation". Tax relief on the donation itself, such as Gift Aid, is a separate question; take advice.

What if someone gives crypto to you?

Receiving a genuine gift is not an income event for you and does not create a Capital Gains Tax charge on you. For your own gain later, GOV.UK says to use market value for gifts, so your starting cost when you later sell is normally the market value on the date you received it. Our calculator treats a gift received as an acquisition at that value. If the gift came from your spouse, your cost is instead their original cost, as above. If it is really a reward for work or a service, or you received it from an employer, it can be income; see our staking, mining and airdrops guide.

What about Inheritance Tax?

Inheritance Tax is separate from Capital Gains Tax and depends on the size and timing of gifts, not on the gain. GOV.UK has the rules; if you are making large gifts, take advice on both taxes together.

What if HMRC has written to you about a gift?

If a gift you made was never reported, treat it like any other missed disposal: work out the gain, and if tax is due for earlier years, see our disclosure guide or the HMRC letter helper.

Sources

• Capital Gains Tax: gifts to your spouse or charity — GOV.UK
• Capital Gains Tax: market value — GOV.UK
• Capital Gains Tax: if you make a loss — GOV.UK
• CRYPTO22100 — What is a disposal — HMRC Cryptoassets Manual
• CG22200 — Transfers between spouses and civil partners — HMRC Capital Gains Manual
• Taxation of Chargeable Gains Act 1992, section 58 — legislation.gov.uk
• Check if you need to pay tax when you sell cryptoassets — GOV.UK
• Inheritance Tax — GOV.UK