​UK to cancel VAT on bitcoin trading � RT Business - RT.com

​UK to cancel VAT on bitcoin tradingPublished time: March 03, 2014 12:59Get short URLReuters / Bobby YipTagsBanking, Budget, Finance, Trade, UKBritain’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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