Section 104 pooling for your Phantom wallet
For UK individual taxpayers, Section 104 pooling applies to each type of fungible token in your Phantom wallet - SOL, USDC, and other SPL tokens each have their own pool. Acquisitions of a given token type - whether from a Jupiter swap, a Raydium LP exit, or a staking reward - go into the same Section 104 pool at a weighted average cost. Transfers between your own wallets are generally not acquisitions or disposals for pooling purposes. NFTs are not pooled and are tracked separately.
When you dispose of any amount - via another Jupiter swap, a sale, a spend, or a third-party transfer - the allowable cost comes from the pool's current average price per unit. The same-day rule and 30-day bed and breakfast rule override the pool when triggered, preventing loss harvesting and immediate rebuying.
Jupiter swaps and HMRC disposal rules
Every Jupiter swap is a cryptoasset disposal. You dispose of the input token and acquire the output token at their sterling value at the time of the swap. The gain or loss on the input token is calculated against its Section 104 pool allowable cost.
Solana's low fees and Jupiter's efficient routing mean active UK Phantom users can execute hundreds or thousands of swaps in a single tax year. Each is a separate disposal event that feeds into the Section 104 calculation. DYOR.tax processes your complete Jupiter swap history automatically.
Solana staking and HMRC income treatment
Native SOL staking rewards are generally treated as miscellaneous income if the activity does not amount to a trade. The sterling value of the rewards on the date received is the income amount reported on your Self Assessment. The sterling value at receipt also becomes the allowable cost when you later dispose of those rewards.
Liquid staking via Marinade (mSOL) and Jito (jitoSOL) is more complex under HMRC rules. Converting SOL to mSOL may be treated as a disposal depending on whether beneficial ownership of the underlying SOL is retained. HMRC's DeFi guidance at CRYPTO60000 is relevant but does not specifically address all Solana liquid staking structures. A UK tax adviser should review complex liquid staking positions.
Wallet transfers and what counts as a disposal
Moving SOL or SPL tokens between your own Phantom addresses - for example, between a hot wallet and a hardware wallet - is generally not a disposal provided beneficial ownership remains with you throughout. The key question HMRC applies is whether beneficial ownership of the cryptoassets changed.
Transferring tokens to a third party, including a sale, gift, or exchange deposit, is a disposal event. DYOR.tax identifies the transaction type from your on-chain history to help you distinguish transfers from taxable events, but complex arrangements should be reviewed with a UK tax adviser.
Solana NFTs - individually identified, not pooled
NFT sales on Magic Eden, Tensor, and other Solana marketplaces are cryptoasset disposals subject to Capital Gains Tax. NFTs are not fungible assets and do not qualify for Section 104 pooling. Each NFT is an individually identified asset with its own allowable cost based on what you paid in sterling to acquire it. When you sell an NFT, the gain or loss is calculated from that individual allowable cost, not from a pool average.
DYOR.tax tracks each Solana NFT separately from your fungible SPL token pools. The Annual Exempt Amount is £3,000 for 2025-26 and 2026-27. Net gains below this threshold owe no CGT. CGT rates are 18% (basic-rate) and 24% (higher/additional-rate). Capital losses from Phantom activity can be offset against gains from other assets in the same tax year, and unused capital losses can generally be carried forward indefinitely once claimed with HMRC.
Two additional points: if you are already registered for Self Assessment, disposals where total proceeds exceed £50,000 will generally need to be reported even if the gain is below the Annual Exempt Amount. If you are using the Foreign Income and Gains (FIG) regime as a new UK resident, the Annual Exempt Amount may not apply - a UK tax adviser can confirm your position.
Related calculators and guides
All countries: Phantom Tax Calculator
UK country page: UK Crypto Tax Calculator
Other Phantom countries:
Phantom USA ·
Phantom Canada ·
Phantom Australia
Solana guides: Solana Tax Calculator · Crypto Staking Taxes · Airdrop Taxes