Until recently, the United Kingdom’s HMRC (Her Majesty’s Revenue and Customs) classified Bitcoins as a type of taxable voucher. This meant that Bitcoins were subject to VAT (Value Added Tax – a type of sales tax used across Europe). As a result, anyone selling Bitcoins in the UK would have to charge a 20% markup to cover the VAT, making UK Bitcoin exchanges extremely unattractive. However, Tom Robinson from BitPrice, entrepreneur Michael Parsons, Marc Warne from BittyLicious, and Eitan Jankelewitz from Sheridans met with HMRC today to discuss Bitcoin and how the cryptocurrency works. To quote Robinson: “We started off by
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