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Bitcoin trades to be out of VAT’s scope

Earnings from trading with the virtual currency bitcoin are to be free of VAT, HMRC have announced.
The tax department has set out its position on the treatment of income received from and charges made in connection with activities involving bitcoin and other cryptocurrencies.
Bitcoin operates through a peer-to-peer network, independent of any central authority or bank; transactions are recorded in a shared public database called a block chain.
Bitcoin is produced when a new block is attached to the chain – which …

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