How HMRC treats Solana
HMRC does not treat Solana or any cryptoasset as money or currency. SOL is a chargeable asset for UK Capital Gains Tax purposes. Every disposal - selling SOL for sterling, swapping SOL for another token, or spending SOL on a purchase - triggers a capital gain or loss. Receiving SOL as staking rewards or income is generally taxable as miscellaneous income at its sterling value on the date of receipt, if the activity does not amount to a trade.
Chargeable disposals: selling SOL for sterling, swapping SOL or any SPL token for another token, spending SOL on purchases or services, gifting SOL to a person who is not your spouse or civil partner, SOL spent on transaction fees (a disposal at the sterling market value at that time).
Generally not a disposal: transferring SOL between wallets you own and control (no change of beneficial ownership), buying SOL with sterling, holding.
Section 104 pooling for SOL and SPL tokens
Section 104 pooling applies separately to each fungible SPL token type. SOL has its own Section 104 pool. BONK has its own. WIF, JUP, USDC, and every other fungible SPL token you hold each has its own pool. The pool maintains a running total of the quantity held and the total pooled allowable cost for that token type.
When you acquire SOL from any source - Coinbase, a Jupiter swap, staking rewards, or an airdrop - all acquisitions go into the SOL pool. When you dispose of SOL, the allowable cost is drawn from the pool at the weighted average rate: (tokens disposed of / total tokens in pool) × total pooled allowable cost.
Two rules override the pool and must be checked first:
- Same-day rule: SOL or any SPL token acquired on the same day as a disposal is matched against that disposal first, at its own acquisition cost.
- 30-day bed and breakfast rule: SOL or any SPL token reacquired within 30 days after a disposal is matched against that disposal (in chronological order), at the actual acquisition cost. This rule prevents artificial loss harvesting by selling and immediately rebuying.
Meme coin disposals on Solana
Every token swap on Solana - whether on Raydium, Jupiter, Orca, or any other DEX - is a chargeable disposal of the input token and an acquisition of the output token for UK Capital Gains Tax purposes. Each meme coin type has its own Section 104 pool, and disposal proceeds and allowable costs are both measured in sterling at the time of the swap.
High-frequency meme coin traders may have thousands of chargeable events in a single tax year. DYOR.tax reads your complete on-chain history automatically - no manual export required regardless of volume. All swaps are reported in sterling at the historical GBP rate at the time of each transaction.
A failed transaction does not execute the swap, so no disposal of SPL tokens occurs. However, the SOL spent on the transaction fee remains a disposal of SOL at its sterling value at that time.
Solana staking income under HMRC rules
HMRC generally treats staking rewards as miscellaneous income, if the activity does not amount to a trade. Solana distributes native staking rewards approximately every 2-3 days (each epoch). Each epoch distribution is generally a separate taxable income event at the sterling value of the SOL received on that date.
That sterling value then becomes the allowable cost for Capital Gains Tax when you later dispose of the staked SOL. Staking rewards are taxable in the year received, not when you sell. Where your staking activity amounts to a trade or business, Income Tax and National Insurance apply instead.
Liquid staking - mSOL and jitoSOL
Under HMRC's beneficial ownership analysis, depositing SOL and receiving mSOL (Marinade) or jitoSOL (Jito) may be treated as a disposal of SOL and an acquisition of the liquid staking token, because you hold a different token. The tax character of value accrual embedded in the liquid staking token price is fact-sensitive and should be reviewed with a tax adviser. When you later redeem mSOL or jitoSOL for SOL, that redemption may also be a chargeable disposal.
The allowable cost of the liquid staking token at disposal is the sterling value at the time you acquired it, plus any income already recognised. DYOR.tax tracks liquid staking positions and flags each step for review with a UK tax adviser.
Solana NFTs - individually identified, not pooled
Solana NFTs are non-fungible assets and are not pooled. Each NFT is a distinct chargeable asset with its own individual allowable cost - the sterling value at the time you acquired it. When you dispose of an NFT, the chargeable gain or loss is the disposal proceeds in sterling minus that individual allowable cost. NFTs cannot be pooled with other NFTs or with fungible SPL tokens.
CGT rates and the Annual Exempt Amount
The CGT Annual Exempt Amount is £3,000 for both 2025-26 and 2026-27. Net capital gains from all cryptoasset disposals - including SOL, meme coins, and SPL tokens - below this threshold owe no Capital Gains Tax. Gains above it are taxed at 18% for basic-rate taxpayers and 24% for higher and additional-rate taxpayers, following the October 2024 change.
Capital losses from Solana disposals can be offset against gains from other assets in the same tax year. High-frequency meme coin traders should note that total disposal proceeds may exceed the £50,000 Self Assessment reporting threshold even when net gains are modest.
For the 2025-26 tax year (6 April 2025 to 5 April 2026): notify HMRC of any unreported gains or income by 5 October 2026, and file your online Self Assessment return with payment by 31 January 2027.
Related calculators and guides
All countries: Solana Tax Calculator
UK country page: UK Crypto Tax Calculator
UK wallet calculators:
MetaMask UK ·
Phantom UK
UK token calculators: Bitcoin UK · Ethereum UK
Guides: Crypto Staking Taxes · Airdrop Taxes · DeFi Lending Taxes
Last reviewed: April 2026 · Sources: HMRC Cryptoassets Manual (CRYPTO22000 onwards), TCGA 1992 s.104 · For UK resident individual taxpayers. Not tax advice.