The spread
No page opened for this uses the word spread.
HMRC's cryptoassets manual says an exchange may hold some tokens, or some ordinary currency, so that it can carry out a trade. It says the exchange may act as a market maker in a limited sense. The manual's word for ordinary currency is fiat, which it explains as government-backed currency.
The same page says a trading fee will normally be a percentage of the trade, and that it is payable whether the trade acquires tokens or disposes of them. It gives no amount.
Sums takes a percentage labelled fee, and a percentage labelled spread, off an amount the reader types. That page says the working is not how any particular exchange works out a price.
- Source: CRYPTO10250 - Introduction to cryptoassets: exchanges and exchange fees, HM Revenue & Customs (first published 30 Mar 2021) · read 30 Oct 2026
Technical detail
CRYPTO10250 was first published on 30 Mar 2021. The page shows Updated 28 Nov 2025. It was read on 30 Oct 2026. Deposit fees, charged when ordinary currency is deposited, and conversion fees when that currency is not one the exchange supports, are on the same page. They are not given an amount either.
The manual points to CRYPTO22150 and CRYPTO41300 for whether a fee can be deducted. Those two pages were not opened. This page does not say whether a fee is deductible. FCA policy statement PS26/11 was not opened.