Eversheds says Bitcoin VAT move should help with tax certainty for cryptocurrencies in UK

Ben Jones, tax expert at Eversheds, has commented on news that the UK is set to scrap VAT on Bitcoin.

Jones said: ‘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.’