HL Lists Bitcoin for 2 Million Users, But Tax Break Expiration Hurts Investors
Hargreaves Lansdown (HL) has finally listed Bitcoin for its approximately 2 million investors, but it's arrived too late to take advantage of a tax break that expired in April. The UK's largest investment platform will offer nine products that track the price of Bitcoin and Ethereum, issued by firms like BlackRock and CoinShares, with fees ranging from 0% to 0.35% per year.
The products are only available to HL clients who earn £100,000 or more per year or have £250,000 in savings, and they must pass an appropriateness test and wait 24 hours before buying. The catch is that investors don't actually own any Bitcoin; instead, they hold a promise from the firm behind the note.
HL's decision to list Bitcoin comes five months after the tax break expired, which meant that savers who bought Bitcoin through a rival platform last winter could enjoy tax-free profits for life. HL's clients, on the other hand, will have to pay taxes on their investments.
The Financial Conduct Authority lifted its ban on crypto ETNs in October 2025, allowing ordinary savers to hold Bitcoin inside an ISA. However, the tax office shut that door on April 6, 2026, just 150 days after HL was allowed to offer these products.