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HMRC scraps VAT on virtual currency Bitcoin

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The UK’s tax authority has scrapped plans to charge value added tax (VAT) on Bitcoin trading. In new guidance, HM Revenue & Customs also said it would not levy the 20% tax on the creation, or so-called ‘mining’, of the virtual currency. The move comes just days after the collapse of leading Bitcoin exchange, MtGox, and with it the loss of almost $500m (£300m) in customer deposits. HMRC said corporation and income taxes would still apply… CONTINUE

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