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Those Paid In Bitcoin Will Owe Income Tax, UK Confirms

Law360 (December 19, 2018, 1:19 PM EST) -- U.K. authorities Wednesday described how they intend to tax individuals’ use of virtual currencies such as bitcoin, noting that income tax and national insurance are due for anyone paid in the virtual currency. 

As officials across the world grapple with the tax implications of an ever more popular asset class, the guidance from Her Majesty’s Revenue and Customs said the government would use existing law to determine how virtual assets that use distributed ledger technology will be treated when people use them to pay for goods, buy them as an investment or receive them as salary.

“HMRC does not consider cryptoassets...

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