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Revenue and Customs Brief 9: Bitcoin and other cryptocurrencies (2014)

gov.uk

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Re: Revenue and Customs Brief 9: Bitcoin and other cryptocurrencies (2014)

#11

Why are they concerned about being homogenous with EU rules when brexit was clearly voted for and said to be enacted and on the way? More evidence of a 'stall forver' plan for brexit.

Because Brexit wasn't a consideration in 2014. Even if it were, EU regulations that come into force during the notice period, or in the case of the U.K., a further 2 year extension period are still applicable.

Take GDPR for example. It's protections will apply to UK citizens, just as any other EU citizen, from May 2018 until such time that a) the notice period and extension period have lapsed, b) the UK government subsequently rescinds or replaces the relevant legislation.

Re: Revenue and Customs Brief 9: Bitcoin and other cryptocurrencies (2014)

#12
So no VAT on cryptocurrency-service, cryptocurrency-cryptocurrency transactions, but yes VAT on cryptocurrency-goods. And standard rules on capital gains, income tax, corporate tax if you treat your bitcoin as an asset with a liquid price. ie you pay income tax whether you are paid in money or assets of equivalent worth. You pay cap gains on annual asset appreciation.
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