UK Eliminates Tax on Bitcoin Trading, Publishes Official Guidance
New reports suggest HMRC will formally remove VAT on bitcoin trading in the UK this week.
After clarifying how individual taxpayers should deal with cryptos last year, the U.K.'s HMRC has now issued guidance for enterprises.
The U.K. tax authority is pressuring crypto exchanges to reveal customers' names and transaction histories in a bid to claw back unpaid taxes, sources said.
U.K. users of the exchange who have received £5,000 or more in the past tax year will have their information passed to the tax authority.
U.K. tax body HMRC has provided an in-depth explanation of how cryptocurrency users should pay taxes on their holdings.
Indeed, getting the bitcoin community to agree what regulation is welcome will likely be a challenge all in itself.