London Legal Walk 2018

Black Antelope Law is pleased to announce that we will be taking part in the London Legal Walk 2018 on 21 May 2018.

The 10km walk raises much-needed funds for charities that provide life-changing legal advice and representation to those in need. A full list of the charities who are supported by funds raised from the walk can be found here.

Please help to support our team of walkers by making a donation (no amount is too big or small) to our fundraising page.

We will be sharing updates on the day across our social media channels using the hashtag: #LLW2018

What is the legal status of Bitcoin and Cryptocurrency in the EU and UK?

With the increase of Bitcoin and cryptocurrency in the current trading market, it is easy for any potential investor to question their legal status, especially in the UK or EU and so it may be important to understand their position in law as we have explored below.

Are Bitcoin and Cryptocurrency legal in the EU?

At the time of writing, the EU has not implemented any legislative measures that define the status of Bitcoin as a currency. They however in the alternative have stated that Value Added Tax or Goods and Services Tax are not applicable to the conversion between traditional (fiat) currency and bitcoin. Value Added Tax, Goods and Services Tax and other relevant tax regimes will still apply to transactions made using bitcoins for goods and services as a result.

In October 2015, the Court of Justice of the European Union ruled that “The exchange of traditional currencies for units of the ‘bitcoin’ virtual currency is exempt from VAT” and that “Member States must exempt, inter alia, transactions relating to ‘currency, bank notes and coins used as legal tender’”, making bitcoin a currency as opposed to being a commodity. It was also held that additional tax shouldn’t be chargeable because Bitcoins or Cryptocurrency should be treated as a means of payment.

The European Central Bank has classified Bitcoin and Cryptocurrency as a convertible decentralised virtual currency. In July 2014, the European Banking Authority had initially advised European banks not to trade in virtual currencies i.e. Bitcoin and Cryptocurrency until a statutory regulatory regime was accordingly in place.

In 2016, the European Parliament proposed to set up a taskforce to monitor virtual currencies to combat potential money laundering. This passed by 542 votes to 51, with 11 abstentions, and has been sent to the European Commission for consideration.

Are Bitcoin and Cryptocurrency legal in the UK?

There has been no official statement by the Bank of England regarding its position towards Bitcoin and the UK Government has stated that Bitcoin and Cryptocurrency are unregulated. More information can be found on  https://www.loc.gov/law/help/bitcoin-survey/#uk

It has however been reported that Her Majesty’s Revenue and Customs has classed bitcoins as “single purpose vouchers,” rendering any sales of them liable to a Value Added Tax of 10–20%.

In the alternative, where Bitcoin or Cryptocurrency is exchanged for the Pound Sterling or for other currencies i.e. Euros, US Dollars, then no VAT will be due on the value of the Bitcoins or Cryptocurrency themselves.

It must also be noted that profits and losses on cryptocurrencies are subject to Capital Gains Tax. (https://www.gov.uk/government/publications/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies)

Simao Paxi-Cato Speaker at The Lawyer Portal Aspire Event 27 January 2018

The Lawyer Portal LogoSimao Paxi-Cato will be one of the guest speakers at The Lawyer Portal’s Aspire event on Saturday 27 January 2018.

The one-day event will offer attendees ranging from 14 years of age to 18, expert insight from lawyers and experienced legal educators on what a career in law really means and how to kickstart a career in the profession.

Read more

We have launched our website!

After months of hard work and tweaking, we’re proud to launch our website. We hope that you like it and feedback is always welcome.

Please take a few moments to look around and if you have time, why not check out our sister site, Black Antelope Coaching? If there are any questions which haven’t been answered, then please feel free to give us a call and we’d be only too happy to help.

Black Antelope Law