HMRC exploring bitcoin VAT treatment

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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...

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