UK will not accept cryptocurrency for payment of taxes

Management Her Majesty’s revenue and customs (HM Revenue and Customs) is the principal tax authority in the UK in the near future no plans to accept cryptocurrencies as a method of payment of taxes.

At least, so says Lord Michael Bates (Michael Bates), Minister of state (member of the British government), who replied
the corresponding question of the Deputy of Parliament Lord Jonathan Harris (Jonathan Harris). Lord Bates writes:

«Management of Her Majesty’s revenue and customs does not offer the digital currency as a payment method and does not plan to do this.»

Profit from speculation in the cryptocurrency «currently payable at the normal tax rates on capital gains, depending on the case,» he wrote
Bates in response to another question from Lord Harris.

Such increase can be quite significant. Only the price of bitcoin has increased 10 times since the end of last year, recently breaking the mark of $ 10,000 per coin.

Lord Harris asked several questions regarding the regulation of cryptocurrencies. In response
to another question by Lord Bates said that the government plans to oblige the wallet providers and exchanges to operate in accordance with the rules of combating money laundering to amend the Directive
Of the European Union. Negotiations on these amendments must be completed by the beginning of next year, he said Lord Harris.

«It will require such companies to exercise due diligence towards their customers and their activities will be monitored by the national competent authorities in these areas,» wrote Bates.

And, responding to a question from Lord Harris about the reluctance of UK banks to open accounts with cryptocurrency companies and their employees, Bates did not Express much optimism and soon
side of the banking system.

«The position of individual companies against the operators of digital currency is a commercial decision of these companies, and the government will not interfere,» he wrote.

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