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England will not accept cryptocurrency for tax bills

The tax authority in the United Kingdom, HM Revenue and Customs, will not accept cryptocurrency as payment in the near future.

30.Nov.17 2:10 PM
By Daria Zaytseva


England will not accept cryptocurrency for tax bills

According to Lord Michael Bates, a state minister, the profit made on speculation in cryptocurrency was currently subject to payment at normal Capital Gains Tax rates, depending on the facts of the case.

These benefits could be significant. Only bitcoin has achieved a 10 percent return since the end of last year, including a short-term crossing of the psychological threshold of $10,000 this week.

Lord Bates also said that the government plans to bring wallet providers and exchanges under anti-money-laundering rules, pending amendments to a European Union directive. Negotiations on these amendments should be completed by early next year.

Lord Bates also mentioned the unwillingness of the United Kingdom's banks to provide accounts in digital currency firms and their employees, a problem faced by startups in the space for years, and he added that it would not be appropriate for the Government to intervene.

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