HMRC Clarifies Tax Treatment Of Activities Involving Bitcoin And Other Similar Cryptocurrencies
Her Majesty's Revenue and Custom (HMRC) is the department in the United Kingdom government that oversees the collection of taxes, similar to the Internal Revenue Service in the United States. This brief, released 3/3/14, “sets out HMRC position on the tax treatment of income received from, and charges made in connection with, activities involving Bitcoin and other similar cryptocurrencies, specifically for Value Added Tax (VAT), Corporation Tax (CT), Income Tax (IT) and Capital Gains Tax (CGT).” It is specifically targeted towards any individuals or businesses “making charges or otherwise....
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