Welcome to our new website! Let us know what you think..

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

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.

Leave a comment
Citywire TV
Play Gervais Williams: the real reason to worry about Quindell

Gervais Williams: the real reason to worry about Quindell

Citywire AA-rated manager Gervais Williams has argued that sentiment is the true danger to Quindell.

Play AA-rated Lofthouse: 'maverick' tobacco settlements won't stop M&A

AA-rated Lofthouse: 'maverick' tobacco settlements won't stop M&A

Henderson International Income trust manager Ben Lofthouse shares his thoughts on recent developments in the tobacco sector in this video.

1 Play Renewable energy: what I found on my solar farm trip

Renewable energy: what I found on my solar farm trip

Renewable energy is attracting a lot of investor interest, so I headed to the UK's largest solar farm to find out more.

Your Business: Cover Star Club

Profile: Quilter Cheviot boss Baines sees more consolidation ahead

Profile: Quilter Cheviot boss Baines sees more consolidation ahead

Nineteen months on from the merger of Quilter Cheviot chief executive Martin Baines says the deal is now paying dividends.

Wealth Manager on Twitter