Market leading insight for tax experts
View online issue

Initial coin offerings and VAT


My client Bob lives in the UK. He is not a taxable person for VAT purposes. In September 2017 he bought some bitcoins. He is an investor and does not trade in them. He is now considering investing some of his bitcoins in an (as yet to be identified) initial coin offering (ICO) – a wholly digital means of raising finance – subscribed for in bitcoin (or other cryptocurrencies) rather than fiat currencies. Bob has been looking at ICOs based in Switzerland Singapore and Hong Kong and wants to know what (if any) VAT issues would arise if he were to proceed with such an investment.


As a bitcoin investor (rather than trader) Bob would whenever he disposes of his bitcoins only be exercising his right qua owner; therefore when he invests in the...

If you or your firm subscribes to, please click the login box below:

If you do not subscribe but are a registered user, please enter your details in the following boxes:

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this article in full.
Please reach out to customer services at +44 (0) 330 161 1234 or '' for further assistance.