UK Regulator Says Corp., Income Tax Rules Apply To Bitcoin

Law360, New York (March 3, 2014, 3:26 PM EST) -- U.K. businesses that accept payment in bitcoins should treat the currency like traditional money for corporate and income tax purposes, but the country won't apply value-added taxes to income received from bitcoin mining, according to guidelines issued Monday by the U.K.'s tax regulator.

The guidelines, issued by HM Revenue & Customs, are provisional in nature and expected to change as bitcoin and other digital currencies evolve, but for now, the U.K says it will apply normal VAT rules to suppliers who exchange goods and services for...
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