U.K. Won’t Accept Cryptocurrency for Tax Bills, Minister Says

The tax authority in the United Kingdom, HM Revenue and Customs, will not accept cryptocurrency as payment any time soon.

Lord Michael Bates, a minister of state, addressed the question of digital currency payment in a written response to a question from a member of Parliament, Lord Jonathan Harris. Lord Bates wrote:

“HM Revenue and Customs does not offer digital currencies as a payment method and has no current plans to do so.”

Profits made on speculation in cryptocurrency “are currently chargeable at the normal Capital Gains Tax rates, depending on the facts of the case,” Bates wrote in response to a separate question from Lord Harris.

Those gains could be considerable. Bitcoin alone has made a 10X return since the end of last year, including briefly crossing the psychological threshold of $10,000 this week. At press time, bitcoin is trading at £6,992.34…

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