Her Majesty’s Revenue and Customs (HMRC) in the United Kingdom has decided to reconsider their previous stance of considering bitcoin as vouchers. Previously, the department had made the decision to classify bitcoin as vouchers, thus making VAT (value-added tax) applicable in transactions in the United Kingdom.
But after a visit from prominent members of the bitcoin community (which includes an entrepreneur, CEO, and lawyer, the HMRC quite simply changed their minds after hearing what they had to say (which was generally aimed at educating HMRC on bitcoin’s usage).
“The general feeling I got from the meeting was that they don’t think VAT should be levied on the bitcoin value itself,” said Tom Robinson, who’s from BitPrice.
More information soon to come.