Budget2012: VAT loopholes closed
VAT loopholes will be closed to ensure a simplfied tax system
VAT loopholes will be closed to simplify the tax system, the Chancellor has said in his budget.
However, George Osborne has said the UK will keep its broad exemptions such as children’s clothing remaining VAT free.
He said he wanted to close loopholes that sees some companies avoiding tax when their competitor’s are paying.