Income Earned In Virtual Worlds: Taxation Issues
United Kingdom Law Articles in English (2008)
Mr Graeme Nuttall - Field Fisher Waterhouse
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Income Earned In Virtual Worlds: Taxation Issues
Originally published in e-Finance & Payments Law & Policy, Volume 1, Issue 7, April 2007
The explosion in virtual worlds has raised some interesting questions about when taxation should apply. Does tax apply to a virtual transaction that takes place in a virtual currency, or does it apply when that income is converted into 'real world' currency? Graeme Nuttall, a partner with Field Fisher Waterhouse LLP, examines these issues and the view of taxation authorities from around the world.Some frequently-asked questions need answering regarding trading in virtual worlds. Perhaps the most common of these involves the misconception that money can be made tax free by trading in virtual worlds. The UK tax system and other tax systems...Try vLex for FREE for 7 days
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