Finally we see some action from the coalition on the issue of tax havens, albeit a small step in the right direction.
The hint by Lord Sassoon at proposals to be brought forward in the upcoming budget to change or even better to possibly remove the VAT exemptions currently enjoyed by the Channel Islands is to be welcomed.
Lord Lucas‘s observation that the amount avoided is likely to be higher than the Treasury’s estimated loss of £130 million pounds a year is almost certainly true; as you’d know if you’d ever bought a DVD from Amazon or Play.com.
I can only hope that this is the first 0f many rationalisations of the tax system with the aim being to remove our archaic tax havens special status entirely.
For more information read the register.co.uk here.