Mon, Jul 21, 2008 | 12:14 BST
HMV to offer VAT-free games in-store
According to this GI report, quoting British news paper the Guardian, HMV is to start selling VAT-free games on the UK high street.
The retailer already sells VAT-titles on its online store, as does Play.com. Both companies exploit a legal loophole to do so, that allows VAT exemption for products under £18 that are imported into the UK from outside of the European Union.
HMV told The Guardian its VAT-free sales for the last financial year were around £50 million, which would amount to a loss to the Treasury of £8.75 million.
More through the link.
2 comments
#1
Panipal2005
21/07/08, 12:32 pm
So that must mean that at present, the country loses £8.75 million to the Treasury…that’s £8.75 million of our money snatched up by their greedy hands…
#2
Blerk
21/07/08, 1:02 pm
I can’t imagine the tax man will let them get away with that for long.