LVCR – so what happened Mr Osborne

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The Tories have taken no action to tackle Low Value Consignment Relief (LVCR) since being in office – despite the fact that abuse of this relief means that more than £100 million a year is lost in VAT as a result of the round-tripping of CDs, DVDs and other materials from the UK to the Channel Islands and back again, all in the name of tax avoidance.

George Osborne was keener on the issue when in opposition, as is clear here:

 

So how about it George?

When are we going to see the action to close this loophole that you were so keen to tackle when in opposition?