“The news comes from Richard Asquith, Head of Tax, TMF Group, who added that the new rules ‘will give a lot of clarity’ to the taxation of Bitcoin and virtual currencies in the UK – a far cry from what we have right now in the US.  Under the proposed new rules, UK tax authorities, known as Her Majesty’s Revenue and Customs (HMRC), will change its classification of Bitcoin and other virtual currency from a tradable voucher to private currency. Those changes closely mirror similar tax guidance issued recently in Singapore, a move that Asquith pointed out when he alerted me to the changes.”

http://www.forbes.com/sites/kellyphillipserb/2014/01/17/uk-bows-to-pressure-likely-to-reverse-course-on-taxation-of-bitcoin-will-the-us-be-next/

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