Michael Conlon QC reviews the Budget 2011 Tax Proposals
The new government’s major VAT measure to date has been to increase the standard rate of VAT to 20%. Announced in last year’s emergency Budget this change took effect from 4 January 2011. Its impact is already being felt on consumer spending and inflation. It will not be long before the first cases on forestalling hit the tribunals. By contrast the Chancellor’s Budget Speech had little to say about VAT.
Low value consignment relief
With effect from 11 November 2011 the value limit for imports of negligible value qualifying for VAT relief will be reduced from £18 to £15. This so-called low value consignment relief (LVCR) has been much exploited by companies providing electronic shopping for consumers. Typically goods such as DVDs CDs and contact lenses are ordered on the internet and the order fulfilled from...
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Michael Conlon QC reviews the Budget 2011 Tax Proposals
The new government’s major VAT measure to date has been to increase the standard rate of VAT to 20%. Announced in last year’s emergency Budget this change took effect from 4 January 2011. Its impact is already being felt on consumer spending and inflation. It will not be long before the first cases on forestalling hit the tribunals. By contrast the Chancellor’s Budget Speech had little to say about VAT.
Low value consignment relief
With effect from 11 November 2011 the value limit for imports of negligible value qualifying for VAT relief will be reduced from £18 to £15. This so-called low value consignment relief (LVCR) has been much exploited by companies providing electronic shopping for consumers. Typically goods such as DVDs CDs and contact lenses are ordered on the internet and the order fulfilled from...
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If you do not subscribe but are a registered user, please enter your details in the following boxes:
