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HMRC to scrap Bitcoin VAT

HMRC to scrap Bitcoin VAT

HM Revenue & Customs is to stop charging the 20% value-added tax on Bitcoin transactions.

According to the Financial Times, officials from HMRC met traders last week to inform them of the decision.

Traders in the virtual currency had argued the VAT had made 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 news comes after one of Bitcoins major exchanges, Mt Gox, lost $500 million of customer deposits after it collapsed last week.

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