HMRC exploring bitcoin VAT treatment

Thinkstock

HMRC is examining the scope for bringing trading in virtual currencies, such as bitcoin, under an equivalent VAT treatment to normal currencies.

The department said it has held “constructive meetings” with stakeholders about the VAT treatment to normal currencies and is expected to publish guidance as soon as February.

“This is a new and complex issue, and we are considering the arguments for alternative VAT treatments,” a spokesperson said.

"Most assets are liable to Capital Gains Tax when sold or disposed of.  This includes gains when disposing...

Continued...

» Register now

The full article is available to registered AccountingWEB members only. To read the rest of this article you’ll need to login or register.

Registration is FREE and allows you to view all content, ask questions, comment and much more.