The government has signalled that it may be about to announce a change to the VAT low-value consignment relief in the forthcoming Budget. The LVCR relieves goods up to a value of £18 from import VAT.
The Commercial Secretary to the Treasury, Lord Sassoon said in the House of Lords that his ministerial colleagues and HMRC officials are now examining what can be done to reduce tax loss in this difficult and technical area. He went on to say:
‘…we are actively reviewing the operation of this relief. Ministers hope to be in a position to announce any possible changes to the operation of LVCR flowing from the review in the Budget on 23 March’
Read more in our latest newsletter at http://www.ukvatadvice.com/images/stories/newsletters/110317cvcnews.pdf
