Channel Islands’ VAT abuse has cost the UK at least Â£475 million

The House of Commons library has issued a new briefing sheet on VAT abuse involving the Channel Islands. It's available here.

The main point is that it has cost the UK Exchequer (who are bound to have undervalued this sum) at least £475 million over the last four years.

Now what could that have been used for?

Two new hospitals free of PFI, anyone?

Hat tip to Richard Allen

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Demetrius says:

April 28 2011 at 4:49 pm

According to “Private Eye” this week, HMRC have done a “sweetheart” deal with Goldman Sach’s. I suspect that the “underwater” real figure would buy a couple of aircraft carriers. We have a nice new hospital down the road, building cost Â£225 million, estimated minimum PFI payments over 32 years Â£640 million.