# Income or Saving income? **URL:** \ **Category:** Tax Questions\ **Created:** [March 29, 2021, 8:12pm UTC](https://discuss.koinly.io/t/income-or-saving-income/3019 "2021-03-29T20:12:30Z")\ **Posts on this page:** 3\ **Page:** 1
**Author:** ![Anthony](https://yyz2.discourse-cdn.com/flex052/user_avatar/discuss.koinly.io/anthony/32/213_2.png) [@Anthony](https://discuss.koinly.io/u/Anthony)\ **Post date:** [March 29, 2021, 8:12pm UTC](https://discuss.koinly.io/t/income-or-saving-income/3019/1 "2021-03-29T20:12:31Z")
Hi Everyone. With it coming up to end of tax year. I wanted to get the opinion of the wider UK crypto community! How is everyone planning on declaring their income from Staking / Mining / Loan Interest? I’ve recently come across this website: > **[Cryptocurrency UK Tax treatments - Betting Bitcoin - The definitive Bitcoin...](https://bettingbitcoin.io/cryptocurrency-uk-tax-treatments/#mining)** > > \[vc\_row type=”full\_width\_background” full\_screen\_row\_position=”middle” equal\_height=”yes” content\_placement=”middle” scene\_position=”center” text\_color=”dark” text\_align=”left” top\_padding=”5%” bottom\_padding=”5%” id=”creative-services”... Which states: Staking coins is using capital accumulated in order to see a set rate of return on that investment. This is likely to be treated as savings income rather than dividend income. As such any staking income below £1,000 (basic rate tax payers) & £500 (higher rate tax payers) is[tax-free.](https://www.gov.uk/government/publications/personal-savings-allowance-factsheet/personal-savings-allowance) I was initially thinking of just using the Blockfi as saving income and Staking returns as std income. However, with the above in mind - one could declare all income from Staking / mining and loan interest (blockfi / earn on [crypto.com](http://crypto.com)) as saving income? Appreciate other comments on this? Thanks. ---
**Author:** ![o99](https://avatars.discourse-cdn.com/v4/letter/o/67e7ee/32.png) [@o99](https://discuss.koinly.io/u/o99)\ **Post date:** [April 29, 2021, 5:11pm UTC](https://discuss.koinly.io/t/income-or-saving-income/3019/2 "2021-04-29T17:11:52Z")
**Mining & Staking Income** This seems relatively straightforward: [HMRC - Mining](https://www.gov.uk/hmrc-internal-manuals/cryptoassets-manual/crypto21150) [HMRC - Staking](https://www.gov.uk/hmrc-internal-manuals/cryptoassets-manual/crypto21200) From the above both should be treated as miscellaneous income, assuming its just something on the side rather than a substantial endeavour. I don’t think you’d be able to get away with treating staking and mining as savings income. You might be able to claim [trading allowance](https://www.gov.uk/guidance/tax-free-allowances-on-property-and-trading-income#trade) for this income as a casual service, but I’m not sure. I’d probably give it a try. **Lending Income (BlickFi etc)** I don’t think HMRC have made clear how to treat this as it hasn’t been given its own section [here](https://www.gov.uk/hmrc-internal-manuals/cryptoassets-manual/crypto21000). Perhaps this can be treated as savings income and you can benefit from [personal savings allowance](https://www.gov.uk/government/publications/personal-savings-allowance-factsheet/personal-savings-allowance). But with savings income you’re traditionally lending money, which crypto is not (according to HMRC). I suppose if it can’t be treated as savings income it would have to be treated as miscellaneous income. ---
**Author:** ![system](https://canada1.discourse-cdn.com/flex052/uploads/koinly_app/original/1X/7ac58e5593a7122893d066794a7254dcdb5ddb31.png) [@system](https://discuss.koinly.io/u/system)\ **Post date:** [June 28, 2021, 5:12pm UTC](https://discuss.koinly.io/t/income-or-saving-income/3019/3 "2021-06-28T17:12:28Z")
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