George Osborne Indicates his Intent to end LVCR Trade
|April 8, 2011||Posted by RAVAS under VAT|
An article in the Telegraph on the 8th of April 2011 reported on a meeting of the British Chambers of Commerce on the 7th of April at which Chancellor of The Exchequer George Osborne was present. Mr Osborne was asked by the Jersey Chamber as to whether he felt that the relief really was a threat to the economy . Mr Osborne replied “I don’t think you should allow an industry just to spring up on the back of a kink in the tax system” he then went on to say “The Channel Islands have many good things going for them as good places to do business, but I think frankly that a business that has built up on the back of a particular kink in our tax system around low-value consignment relief and that has had quite an impact on high street music stores, for example, in Britain is unfair”
We couldn’t have put it better ourselves. It appears that the days of this arrangement really are numbered.