Last year HMRC in the United Kingdom published a briefing note considering the tax treatment of income received from, and charges made in connection with, activities involving Bitcoin and other cryptocurrencies: see here. This note took the view that no value added tax would be due on the value of Bitcoins when exchanged for a traditional currency such as sterling: see here. This position was endorsed yesterday by the Court of Justice in Skatteverket v David Hedqvist (Case C-264/14), which considered the operation of the Value Added Tax Directive (2006/112/EC) in respect of a proposed business consisting of the exchange of traditional currency for Bitcoins and vice versa. A summary of the court's opinion is available here (pdf).
Showing posts with label valued added tax. Show all posts
Showing posts with label valued added tax. Show all posts
Friday, 23 October 2015
Europe: valued added tax and Bitcoin exchanges
Last year HMRC in the United Kingdom published a briefing note considering the tax treatment of income received from, and charges made in connection with, activities involving Bitcoin and other cryptocurrencies: see here. This note took the view that no value added tax would be due on the value of Bitcoins when exchanged for a traditional currency such as sterling: see here. This position was endorsed yesterday by the Court of Justice in Skatteverket v David Hedqvist (Case C-264/14), which considered the operation of the Value Added Tax Directive (2006/112/EC) in respect of a proposed business consisting of the exchange of traditional currency for Bitcoins and vice versa. A summary of the court's opinion is available here (pdf).
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