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Eversheds comment: Bitcoin VAT move should help deliver tax certainty for cryptocurrencies in UK

  • United Kingdom

    03-03-2014

    Commenting on news that the UK is set to scrap VAT on Bitcoin, Ben Jones, tax expert at global law firm Eversheds, says:

    “This change has been anticipated and follows lobbying from the Bitcoin community and recent changes to the taxation treatment of Bitcoin in Germany. Although the detail of the proposed changes needs to be reviewed, the removal of VAT on Bitcoin and other like transactions coupled with clear guidance on the wider taxation treatment should delivery the certainty and stability, at least from a tax perspective, required to encourage the development of cryptocurrencies in the UK.”

    Ben Jones, Partner

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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