Britain’s tax authority plans to ditch its levy on Bitcoin trading only days after the collapse of Mt Gox, one of the virtual currency’s leading exchanges that lost almost $500m of customer deposits.
The UK’s welcoming approach to Bitcoin contrasts with the approach of other countries, amid concerns about its use for tax evasion and money laundering as well as its notoriety for wide fluctuations in value.
In a meeting with a group of UK traders last week, HM Revenue & Customs said that it would not charge the 20 per cent VAT tax on trades, which entrepreneurs had complained made their businesses globally uncompetitive. HMRC went a step further, saying it would not charge the tax on their margins either.
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