Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

HMRC reviews Bitcoin taxation

HMRC reviews Bitcoin taxation

HM Revenue & Customs (HMRC) is reviewing taxation on the rapidly expanding Bitcoin industry, according to the Financial Times.

The news comes amid growing frustration by traders in the virtual currency at the 20% value added tax levied on the purchase of coins.

They feel this makes their businesses uncompetitive against foreign rivals, with the likes of Hugh Halford Thompson- founder of Bitcoin trading website QuickBitcoin, threatening to relocate his business overseas.

The Financial Times said HMRC was yet to make a final decision on tax treatment as it ‘listens’ to the industry, which has seen the value of its market rocket from $150 million to $10 billion over the last year.

‘We have held constructive meetings with stakeholders, but this is a complex issue, and we will continue to listen to arguments for alternative VAT treatments under existing VAT law,’ a HMRC spokesperson told the paper.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Boutique tapes: my business will never be sold

Boutique tapes: my business will never be sold

In the final part of our four part series we discuss consolidation and whether it's getting tougher for boutiques to survive.

Play Boutique tapes: are top managers better off at small firms?

Boutique tapes: are top managers better off at small firms?

In episode three of our series, boutique bosses discuss whether the best fund managers are more likely to thrive at smaller firms.

Play Boutique tapes: if you want a Ferrari, you have to pay for it

Boutique tapes: if you want a Ferrari, you have to pay for it

In the second part of our four-part series, boutique bosses are asked how they can justify the fees charged by active managers.

Read More
Your Business: Cover Star Club

Profile: how this boutique beat the big guns of wealth

Profile: how this boutique beat the big guns of wealth

This small west country offshoot of a local IFA scooped a 2018 Citywire award from beneath the noses of the national challengers

Wealth Manager on Twitter