U.K. Authority Won't Charge VAT on Bitcoin Trades
Tweet
Share
E-mail
Britain is taking a kinder eye to Bitcoin.
According to the Financial Times, the U.K.'s HM Revenue & Customs won't charge a 20 percent VAT on trades or margins, a boon for entrepreneurs in the expanding Bitcoin market.
The move by HMRC doesn't address the issue of whether or not Bitcoin should be defined as a currency, but instead treats it as such and bases its policy on European Union law which exempts payments and transfers of
The European Banking Authority (EBA) warned that customers dealing in Bitcoin wouldn't be protected by refund rights under EU law. China has banned its banks from dealing in Bitcoin, while Vietnam and Russia have deemed transactions as illegal. Singapore has issued tax guidelines for the currency, while the U.S. hasn't addressed the issue directly.
Bitcoin last clicked through around $600.
According to the Financial Times, the U.K.'s HM Revenue & Customs won't charge a 20 percent VAT on trades or margins, a boon for entrepreneurs in the expanding Bitcoin market.
The move by HMRC doesn't address the issue of whether or not Bitcoin should be defined as a currency, but instead treats it as such and bases its policy on European Union law which exempts payments and transfers of
negotiable instrumentsfrom tax.
The European Banking Authority (EBA) warned that customers dealing in Bitcoin wouldn't be protected by refund rights under EU law. China has banned its banks from dealing in Bitcoin, while Vietnam and Russia have deemed transactions as illegal. Singapore has issued tax guidelines for the currency, while the U.S. hasn't addressed the issue directly.
Bitcoin last clicked through around $600.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Standard Chartered ponders USD/JPY impact of 'intervention on the cheap'
- Jefferies downgrades Cigna to Hold on mounting 2027 earnings headwinds
- BofA sees selective currency volatility plays ahead of Fed hikes
Create E-mail Alert Related Categories
Forex, General NewsRelated Entities
BitcoinSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
