Recap has a comprehensive integration with Uphold that makes it easy to manage your crypto tax calculations. Connect your Uphold account to Recap to import your full history and automate your taxes. From 2026, tax authorities are widening the automatic reporting of crypto under frameworks such as the OECD's Cryptoasset Reporting Framework (CARF), so keeping an accurate record matters more than ever.
Disclaimer
The information provided in this content does not endorse Uphold. Furthermore, it does not constitute tax advice. If anything financial or tax-related is unclear, speak to a qualified tax professional. You can also share your Recap account with your accountant or tax adviser directly.
Why Uphold tax can be difficult to calculate manually
Uphold is a multi-asset platform, and its signature anything-to-anything trading lets you swap directly between crypto, fiat, precious metals and US equities in a single move. That breadth is what makes its tax position fiddly, because the swaps that look like simple conversions are often taxable events. A few things tend to trip people up:
What tends to trip people up
- Every cross-asset swap that involves crypto is a disposal. Moving from one crypto into another, or into gold, a US stock or fiat, disposes of the crypto you gave up at its value on the day, even though you never see fiat. Active accounts can stack up a lot of these.
- Crypto and non-crypto sit side by side. Precious metals and US equities follow their own tax rules, separate from crypto, so a correct picture means separating the crypto disposals from the rest.
- A card for every asset. Uphold holds each asset in its own account, which it calls a card, and value moves between cards as deposits, transfers and withdrawals. Transfers between your own cards are not disposals, but a swap from one asset to another is, and the two have to be told apart.
- Recurring buys add volume. Automated recurring purchases quietly multiply the number of acquisitions you need to track and pool correctly.
How to import your Uphold data into Recap
Connect your Uphold account to Recap by API, and we import your full history automatically across every asset card, including swaps, deposits, withdrawals, transfers, card purchases and any staking rewards. Recap works out which swaps are crypto disposals, separates them from transfers between your own cards, and values everything with our fair-market valuation engine, applying the tax rules for your jurisdiction.
Auto Sync with Uphold How are Uphold transactions taxed?
Tax treatment depends on the transaction type and where you are tax resident. Here is how the main Uphold activities are generally treated:
Default treatment by transaction type
| Transaction type | CGT disposal | CGT acquisition | Income |
|---|---|---|---|
| Deposits | CGT disposal: no. A plain deposit produces no disposal. If Uphold credits a different asset than the one sent (origin and destination currency differ) Recap records a deposit-conversion disposal of the source asset, and any deposit fee paid in crypto is a separate fee disposal. | CGT acquisition: no. Only a converted deposit creates an acquisition: the credited asset enters the pool against the disposed source asset. | Income: no |
| Withdrawals | CGT disposal: no. A plain withdrawal produces no disposal of the principal. A withdrawal fee paid in crypto is a fee disposal, and if the asset is converted on the way out (origin and destination currency differ) Recap records a withdrawal-conversion disposal. | CGT acquisition: no. Only a converted withdrawal creates an acquisition of the target asset. | Income: no |
| Buying crypto with fiat | CGT disposal: no. The fiat leg is modelled as a disposal but fiat is never a chargeable asset in Recap, so no gain or loss arises. A fee charged in crypto is still a separate fee disposal. | CGT acquisition: yes. The crypto bought enters the section 104 pool at the trade value. Because fiat is the disposed side, positive fees are attached to the acquisition as allowable cost. Recap's default: trade fees are not netted off the amount acquired. Configurable: the ‘Deduct fees from trades’ setting nets a same-asset fee off the acquired amount instead. | Income: no |
| Crypto to crypto | CGT disposal: yes. Recap's default: the trade is valued from the quote (paid-with) side for portfolios created after 2022-05-25, otherwise from the disposed side. Configurable: the ‘Trade valuation method’ setting. | CGT acquisition: yes. The asset received enters the section 104 pool at the same valued amount as the disposal. Recap's default: fees are emitted as separate fee disposals rather than netted off the amount acquired. Configurable: the ‘Deduct fees from trades’ setting. | Income: no |
| Selling crypto for fiat | CGT disposal: yes. The crypto sold is disposed of at the trade value; fees on this side are treated as allowable costs of the disposal and are also emitted as fee disposals of the fee asset. | CGT acquisition: no. The fiat received is recorded on the trade but fiat is not a chargeable asset, so it creates no section 104 pool acquisition. | Income: no |
| Swapping crypto for a non-crypto asset | CGT disposal: yes. Handled exactly like any other Uphold conversion: the crypto leaving the card is a disposal at the swap value. | CGT acquisition: no. Uphold's precious-metal cards (XAU gold, XAG silver) resolve to fiat-type reference assets in Recap, so the metal received is recorded but does not form a chargeable pool. Any Uphold asset code Recap does not recognise falls back to crypto treatment and would create a pool acquisition. | Income: no |
| Staking rewards | CGT disposal: no. Moving funds onto or off an Uphold staking card maps to Stake/Unstake, which generate no disposal of the principal, only a fee disposal if a fee is charged. | CGT acquisition: yes. The reward also enters the section 104 pool at the same market value used for the income event. | Income: yes. Recap's default: staking rewards are income at market value on receipt. Configurable: the ‘Deduct fees from income’ setting (off by default) nets a same-asset fee off the amount before it is valued. |
| Transferring between your own cards | CGT disposal: no. Equal amounts on both sides net to nothing. If less arrives than left the sending card, the shortfall is treated as a disposal of the difference, and a fee charged in crypto is a fee disposal. | CGT acquisition: no | Income: no |
This table shows how Recap classifies each transaction type by default. Some treatments — such as the acquisition cost used for airdrops — are configurable in Recap. This is general information, not tax advice; consult a qualified tax professional about your circumstances.
This table shows Recap's default classification for common Uphold transactions. It is not an exhaustive schedule or a ruling. Treatment depends on your circumstances and jurisdiction, and you can recategorise any transaction where yours differ. Confirm your position with a qualified tax adviser.
The cross-asset catch
The catch with Uphold is that swapping crypto into a non-crypto asset, such as gold or a US share, is still a disposal of the crypto you gave up, even though no fiat is involved. The metal or share you receive then follows its own non-crypto tax rules, which sit outside this crypto view. Staking rewards are generally treated as income at the value you receive them, and they enter your cost-basis pool at that same value, so only later growth counts as a gain.
Refer to our tax guides for a more detailed look at crypto tax rules.
What's in your Uphold tax report
Recap turns your full Uphold history into a single tax report: capital gains, losses and income worked out under the rules for your jurisdiction, every cross-asset swap resolved into the right crypto disposal, transfers between your cards reconciled, rewards valued on the day they arrived, and a clear year-by-year summary you can file yourself or hand straight to your accountant.
Common Uphold tax challenges and how Recap solves them
Uphold accounts produce a few recurring tax problems. Here is how Recap handles each one:
How Recap resolves each one
- Cross-asset swaps that hide disposals. A swap from crypto into gold or a US stock does not feel like a sale, but it is a disposal of the crypto. Recap identifies each one and calculates the gain or loss automatically.
- Mixing crypto with metals and equities. Recap separates your crypto activity from non-crypto assets so the crypto disposals are reported correctly and the rest is not muddled in.
- Transfers between your cards. Recap matches moves between your own Uphold cards so they are not mistaken for taxable disposals.
Handling volume and history
- High volume from recurring buys. Automated recurring purchases create a long list of acquisitions. Recap pools them correctly so your cost basis stays accurate.
- Missing historical data. Older Uphold accounts can hold years of swaps, rewards and transfers across multiple exports. Recap combines them into a single tax position, so earlier activity is not overlooked.
Why Uphold users choose Recap
Uphold users often choose Recap because a single account can span crypto, metals, equities and fiat, all swapped directly against each other, with the crypto legs creating disposals that are easy to miss. Rather than untangling those cross-asset swaps by hand, you can connect by API and see your gains, losses and income reconciled in one report, ready to file or share with your accountant.
Whether Uphold shares account data with HMRC is a separate question, and we answer it in does Uphold report to HMRC.
