UK Eliminates Tax on Bitcoin Trading, Publishes Official Guidance
HMRC has now published an official brief, outlining its position on the tax treatment of income derived from bitcoin-related activities. The UK's tax agency has reversed an earlier ruling that classified virtual currencies as gift vouchers, exempting digital currency trading from a 20% value added tax (VAT). HM Revenue and Customs (HMRC), the UK's customs and tax department, has classified virtual currencies as assets or private money, not as vouchers that required a tax on the value of the coins. Tom Robinson, co-founder of London-based digital currency storage specialist Elliptic and a....
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