UK To Cancel VAT On Bitcoin Trading – 3 March 2014

RT logo(Lucas : Oh they are so desperate…. skipping VAT but still getting Bitcoin regulated as if they are real money or banknotes…are you buying it? Mnt Gox and other incidents where not yet enough to make you see it is as risky as putting your “money” in the fiat currency system. The we are gonna create new ways of exchanging for sure. But not those still built upon the old systems and old quicksands of the past.)

Britain’s tax authority is to stop charging value-added tax (VAT) on Bitcoin transactions. It’s just a couple of days after one of the world’s biggest exchanges Mt. Gox collapsed, which has added to growing worldwide skepticism about the currency.

In a meeting with UK traders, HM Revenue & Customs said it would no longer charge a 20 percent tax on trades or margins of the controversial virtual payment method. Corporation tax and other taxes would still apply, according to the FT.

The tax authority said: “HMRC has been working closely with the Bitcoin industry on the tax treatment of trading in Bitcoins and commission. We will be issuing guidance shortly.

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