Does Revolut report to HMRC? (2025/26 UK guide)

UK TAXREGULATIONBLOG
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Does Revolut report to HMRC? Recap UK crypto tax guide
Dan Howitt
Written by
Dan Howitt
CEO at Recap

TL;DR: Yes. Revolut's UK cryptocurrency services are provided by Revolut Ltd, a UK-incorporated company registered with the FCA to offer cryptoasset services. Under the UK's Cryptoasset Reporting Framework (CARF), a UK reporting cryptoasset service provider must collect reportable user and transaction data and submit it to HMRC each year. The wider group also gained a licensed UK bank, Revolut Bank UK Ltd, in March 2026, but that is a separate entity and the banking licence is not what creates the crypto-reporting duty. If you buy, sell, stake or spend crypto in the Revolut app, assume HMRC will receive data about that activity and make sure it is on your tax return.

Most people use Revolut as a bank and a spending app, and the crypto sits quietly alongside the cards and the currency exchange. That casual framing often leads people to overlook their tax obligations, because a few taps to buy or stake still create tax events. This guide covers what Revolut reports, when HMRC receives it, and how to sort your position. It reflects the rules as at July 2026.

Does Revolut share data with HMRC?

HMRC has long been able to compel data from UK businesses. Under Schedule 23 to the Finance Act 2011 it can require bulk data from third parties, and under Schedule 36 to the Finance Act 2008 it can issue an information notice to a specific business about its customers. As a UK-registered, UK-supervised firm, Revolut falls within the scope of both powers.

Coinbase set the precedent for how these powers reach crypto: in 2020 it notified some UK customers that it would pass their details to HMRC, reportedly covering UK-address accounts that had received more than £5,000 of crypto in the 2019/20 tax year. From 2026, CARF puts reporting by UK providers on a regular annual footing instead of relying on one-off requests.

What changes from 1 January 2026: the Cryptoasset Reporting Framework

CARF is the reason the answer is now automatic rather than occasional. It is an OECD framework for sharing crypto data across borders, and the UK wrote it into domestic law as The Reporting Cryptoasset Service Providers (Due Diligence and Reporting Requirements) Regulations 2025, effective 1 January 2026. Finance Act 2026 then widened the duty to cover information about UK-resident users, which is what pulls a UK provider's own customers into scope.

Under HMRC's nexus rules, a provider reports in the UK if, among other tests, it is tax resident or incorporated here. Revolut Ltd is incorporated in the UK and provides the crypto service, so it reports directly to HMRC rather than through another country's tax authority. HMRC estimates that approximately 50 reporting cryptoasset service providers fall within the domestic extension.

What information is reported to HMRC under CARF?

The report has two parts. The identity side is your self-certification: full name, date of birth, home address, your country or countries of tax residence, and a tax identification number, usually your National Insurance number or UTR (if you are eligible for one). You complete it in the app, and every provider you use asks for the same.

The activity side is a set of annual totals, not a live balance or a worked-out tax bill: which kinds of transactions you made, crypto-to-fiat and crypto-to-crypto exchanges, transfers and spending, and the values, units and assets involved. Your in-app trades, your staking and any Revolut X orders all feed those totals. What CARF does not do is decide the tax; sorting gains from income is still on you.

When will HMRC first receive Revolut data under CARF?

The 2026 calendar year is the first reporting period:

  • Providers began collecting data on 1 January 2026.
  • First reports covering 2026 are due to HMRC between 1 January and 31 May 2027.
  • The first international exchanges of information between tax authorities are expected by 30 September 2027, though as a UK provider Revolut files with HMRC directly rather than relying on that exchange.

The rules carry penalties for users and providers alike: a user who deliberately or carelessly fails to provide a valid self-certification can face a penalty of up to £300 under regulation 13, while reporting providers face separate penalties for due-diligence, reporting, notification, registration and record-keeping failures.

Is Revolut regulated in the UK, and does it protect my crypto?

Revolut is heavily regulated as a financial group, but that is not the same as your crypto being protected, and it helps to know which entity does what. Revolut Ltd is registered on the FCA's cryptoasset register under the money-laundering rules and provides the crypto service. In March 2026 the group's new bank, Revolut Bank UK Ltd, received a full UK banking licence; crypto sits outside that bank. For CARF, what matters is that Revolut Ltd is the UK-incorporated firm providing the crypto service.

None of this brings your crypto under the Financial Services Compensation Scheme. Cryptoassets held through Revolut are not FSCS-protected. Eligible cash deposits are protected once your account has been migrated to Revolut Bank UK Ltd, subject to FSCS rules, and Revolut is moving eligible customers over in stages; that protection does not extend to crypto. For tax, none of this changes your own responsibility: regulated provider or not, you are the one who has to declare your gains and income to HMRC.

Why has HMRC been sending nudge letters about crypto?

HMRC sent 64,982 crypto-related nudge letters during 2024/25, up from 27,713 the year before, according to HMRC data obtained by accountancy firm UHY Hacker Young under a freedom-of-information request. HMRC already uses information from multiple sources to identify possible under-reporting. CARF will add annual cryptoasset reports covering activity from 1 January 2026, with the first submissions due in 2027.

A nudge letter is not an accusation or a tax bill. It is a prompt: HMRC thinks you may hold or have disposed of crypto and wants you to check you have reported it correctly. Check your records, work out whether anything is owed, and use the correction or disclosure route that fits the year.

What should I do if I have undeclared Revolut gains?

Start with your records. Export your crypto statement from the Revolut app, covering buys, sells, exchanges, staking, any Revolut X activity and any Learn rewards you received before 8 October 2023, then work out your gains and income for each affected tax year.

How you correct a return depends on the year. Income and gains for the current or previous tax year belong on your Self Assessment, and you can amend a return up to 12 months after its filing deadline. For older years, or where an amendment is no longer available, check HMRC's Cryptoasset Disclosure Facility, launched in November 2023, or ask a professional which route applies. Coming forward before HMRC contacts you, an unprompted disclosure, generally attracts a lower penalty than waiting to be prompted, though the outcome depends on the circumstances. If the numbers are large, it is worth speaking to a qualified crypto accountant.

How to calculate what you owe on Revolut trades

UK Capital Gains Tax on crypto follows a set order of matching rules when you dispose of an asset: same-day transactions first, then anything bought back within 30 days, then the Section 104 pool, a running average of everything else you hold of that asset. Selling crypto, exchanging one coin for another, and spending crypto through the Revolut card are all disposals. Rewards are different: staking and similar rewards received outside a trade are generally miscellaneous income at their sterling value on the day you receive them, with a later disposal of those coins potentially creating a capital gain on top. Our comprehensive UK crypto tax guide walks through the mechanics.

Take a common Revolut pattern: someone dabbles, buys and sells here and there, stakes a bit of ETH, and assumes it is all too small to bother with. Over 2025/26, their sales come to a £4,000 gain and their staking rewards to £300. The £4,000 gain is reduced by the £3,000 annual exempt amount, leaving £1,000. Assuming no allowable losses or fees and that this gain sits within the basic-rate band, the Capital Gains Tax is £180 at 18%. The £300 of staking rewards is taxed separately, generally as miscellaneous income at its value on receipt, and how much is chargeable, or whether it needs reporting at all, depends on your other income and whether the £1,000 trading and miscellaneous income allowance applies. The trap is treating in-app activity as too small to matter.

How Recap helps

Revolut activity is easy to underestimate, because casual buys, sells, staking rewards and card spending build up across the app and Revolut X without ever feeling like trading. Recap reads your exported Revolut statement and sorts your buys, sells, exchanges, staking rewards and Revolut X trades, along with any Learn rewards received before 8 October 2023, then applies HMRC's same-day, 30-day and Section 104 pooling rules and splits the income from the capital gains into a per-year report you can file or pass to an accountant. Revolut's export carries limited fee data, so it is worth reviewing the imported figures once your statement is in. Recap is UK-built and encrypts your data on your own device, so we never see your portfolio.

Export your Revolut crypto statement, bring it into Recap, and turn a scattered set of in-app taps into one clear UK tax position.

Key takeaways

  • Revolut reports to HMRC. Its UK crypto services are provided by Revolut Ltd, a UK-incorporated reporting cryptoasset service provider under CARF, which must collect and report user and transaction data to HMRC annually. The March 2026 banking licence belongs to a separate entity and is not the basis of the reporting duty.
  • Casual counts. Buys, sells, exchanges and crypto card spending are disposals; staking rewards are income. In-app activity that feels trivial is still taxable.
  • Your crypto is not FSCS-protected. Bank-level regulation of the group does not protect your cryptoassets, and it does not change your duty to declare gains and income.
  • CARF data reaches HMRC from 2027. Collection began in 2026 and first reports are due by 31 May 2027.
  • Fix mistakes with the right route. Amend a recent Self Assessment, or use the Cryptoasset Disclosure Facility for older years; unprompted disclosures generally cost less than prompted ones.

References

About the Author

Dan Howitt

Daniel Howitt is the CEO and co-founder of Recap, a crypto tax calculation service. He has worked in software development for more than 10 years and has been involved in crypto since 2013 - having...

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