UK Red Tape Challenge

[Mike Hearn]

For people living in the UK, the coalition is running a "red tape challenge" intended to crowd-source review all regulations that affect business. This is a great idea and very relevant to Bitcoiners.

Even better, they have an explicit request to send them information about regulations that hold back "disruptive businesses":

   http://www.redtapechallenge.cabinetoffice.gov.uk/themehome/disruptive-business-model/

Zopa, a microlending company, is listed as an example of a business they helped.

Perhaps piuk or other UK operators can try engaging with this process for the benefit of all UK Bitcoiners.

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[SgtSpike]

Wow, that IS a great idea.  I hope other political movements follow suit...!

[matthewh3]

Well currently my UK bank account at HSBC well I received a fraudulent payment for selling bitcoins.  My account was first frozen and now the bank manager told me I needed a business account to trade bitcoins.  Also now that after unlocking my account they will be checking my account monthly for any suspicious transactions that look like I've been trading bitcoins.  That if they do think I'm still trading bitcoins from the account they will close it immediately.

[Mike Hearn]

But that's not governments fault (well, maybe a little bit). It's their policy that you need a certain type of account to do that trading.

[franky1]

Well currently my UK bank account at HSBC well I received a fraudulent payment for selling bitcoins.  My account was first frozen and now the bank manager told me I needed a business account to trade bitcoins.  Also now that after unlocking my account they will be checking my account monthly for any suspicious transactions that look like I've been trading bitcoins.  That if they do think I'm still trading bitcoins from the account they will close it immediately.

bitcoins from 3 different accountants i seen, class bitcoins as a personal possession(asset) not a corporate product where you can claim back VAT and all the blah. not a raw material (commodity). not a division of a percentage of ownership of a company(share). its a personal possession asset.

a personal asset, much like antiques, cars, jewellery and art. the only thing with it is that with any personal possession, even your TV if you hold enough of them and keep buying from one person to sell onto another day in day out, you would be classed as a trader.

if your interested in a starting point guide to your tax liabilities or freedoms

https://bitcointalk.org/index.php?topic=143425.0