Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and 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 HSBC's Stephen King warns of 'enormous' Brexit deficit danger

HSBC's Stephen King warns of 'enormous' Brexit deficit danger

Brexit will weaken the economy, fail to boost exports and lessen the country's ability to fund its 'enormous' deficit, according to HSBC's senior economic adviser Stephen King.

Play Premier's Smith: electricity and water can be a good mix

Premier's Smith: electricity and water can be a good mix

Exposing your person to electricity and water simultaneously is ill-advised, but what about your portfolio?

Play Citywire 10k: video highlights

Citywire 10k: video highlights

Citywire held its sixth annual charity run last week, which hosted over 200 people and raised £14,000. Here are the video highlights.

Your Business: Cover Star Club

Profile: how to control your destiny in an age of regulation

Profile: how to control your destiny in an age of regulation

‘RDR was good news to us because it aligned our practices with the industry,’ says Courtiers boss Jamie Shepperd

Wealth Manager on Twitter