09/11/2011
Gov To Close Channel Isles VAT Dodge
The Government has announced that a VAT loophole used by mail order retailers operating in the Channel Islands will be closed from April next year.
The Low Value Consignment Relief (LVCR), which was used by online merchants such as Play.com to undercut its competitors, will no longer apply to goods sent to the UK from the Channel Islands.
The Government said the reform would bring increased fairness for UK businesses, benefit the UK economy and protect millions of pounds in tax revenue.
At Budget 2011, the Chancellor announced it would end the exploitation of LVCR, which in recent years has been used on an increasingly large scale to sell low value goods to UK customers VAT-free.
The Government said it had taken an initial step of reducing the LVCR threshold, below which items are imported free of VAT, from £18 to £15. The new threshold came into effect on 1 November this year and will apply to goods from the Channel Islands until 1 April next year.
David Gauke, Exchequer Secretary to the Treasury, said: ”These reforms will ensure that UK companies, especially small and medium sized enterprises, can compete on a level playing field with those larger companies with the resources to set up operations in the Channel Islands. We are also protecting a significant amount of tax revenue.
"By making these changes, we are striking the best possible balance between the costs of collecting small amounts of VAT and protecting the interests of UK taxpayers and businesses.”
(DW)
The Low Value Consignment Relief (LVCR), which was used by online merchants such as Play.com to undercut its competitors, will no longer apply to goods sent to the UK from the Channel Islands.
The Government said the reform would bring increased fairness for UK businesses, benefit the UK economy and protect millions of pounds in tax revenue.
At Budget 2011, the Chancellor announced it would end the exploitation of LVCR, which in recent years has been used on an increasingly large scale to sell low value goods to UK customers VAT-free.
The Government said it had taken an initial step of reducing the LVCR threshold, below which items are imported free of VAT, from £18 to £15. The new threshold came into effect on 1 November this year and will apply to goods from the Channel Islands until 1 April next year.
David Gauke, Exchequer Secretary to the Treasury, said: ”These reforms will ensure that UK companies, especially small and medium sized enterprises, can compete on a level playing field with those larger companies with the resources to set up operations in the Channel Islands. We are also protecting a significant amount of tax revenue.
"By making these changes, we are striking the best possible balance between the costs of collecting small amounts of VAT and protecting the interests of UK taxpayers and businesses.”
(DW)
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Ministers from the UK, Republic of Ireland, The Channel Islands and the Isle of Man have signed up to a historic deal to cooperate on exploiting the major wind and marine resource in and around the islands. The states involved agreed to co-operate in the All Islands Approach to energy at this afternoon's British Irish Council in London.
All Island Approach To Open Up Renewables Opportunities
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09 May 2005
Queen marks Channel Islands liberation
The Queen and the Duke of Edinburgh have visited Guernsey to celebrate the liberation of the Channel Islands from Nazi occupation 60 years ago. During the visit, the Queen will meet with islanders who lived through the occupation, as well as forces veterans.
Queen marks Channel Islands liberation
The Queen and the Duke of Edinburgh have visited Guernsey to celebrate the liberation of the Channel Islands from Nazi occupation 60 years ago. During the visit, the Queen will meet with islanders who lived through the occupation, as well as forces veterans.
16 December 2010
Forum Urges Smaller Firms 'Prepare For VAT Rise'
A business support organisation is warning firms that the January VAT rise could leave them with a new year headache if they fail to prepare properly. All VAT registered traders will be affected by the increase, which will see VAT rise from its current 17.5% rate to 20% at midnight on January 4.
Forum Urges Smaller Firms 'Prepare For VAT Rise'
A business support organisation is warning firms that the January VAT rise could leave them with a new year headache if they fail to prepare properly. All VAT registered traders will be affected by the increase, which will see VAT rise from its current 17.5% rate to 20% at midnight on January 4.
03 June 2003
Tribunal rules against high street tax avoidance scheme
The independent VAT Tribunal today ruled in Customs favour to stop large, high street retailers operating a "major VAT avoidance scheme" and gaining an "unfair competitive advantage" over their smaller competitors. HM Customs and Excise said today that many major retailers have been trying to cut the amount of VAT they pay.
Tribunal rules against high street tax avoidance scheme
The independent VAT Tribunal today ruled in Customs favour to stop large, high street retailers operating a "major VAT avoidance scheme" and gaining an "unfair competitive advantage" over their smaller competitors. HM Customs and Excise said today that many major retailers have been trying to cut the amount of VAT they pay.
05 September 2003
London man’s boat drifts into shipping lanes
A major search launched last night by Solent Coastguard ended when a 50-year-old Londoner reported missing in his aluminium kit-boat was found drifting toward shipping lanes. It is understood that the man set out on his boat yesterday with the intention of sailing to Alderney in the Channel Islands.
London man’s boat drifts into shipping lanes
A major search launched last night by Solent Coastguard ended when a 50-year-old Londoner reported missing in his aluminium kit-boat was found drifting toward shipping lanes. It is understood that the man set out on his boat yesterday with the intention of sailing to Alderney in the Channel Islands.
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Northern Ireland WeatherToday:A sunny but frosty start for many. However cloud increases by midday with a few showers reaching the north coast, these mostly light but spreading inland this afternoon. Chilly. Maximum temperature 8 °C.Tonight:A rather cloudy evening with scattered showers. Becoming drier through the night with some good clear spells developing and a patchy frost away from coasts. Minimum temperature 0 °C.