The amount of freight leaving Guernsey has slumped by more than a third since the end of UK tax relief, according to one distributor.
Low Value Consignment Relief (LVCR) allowed VAT to be waived on goods under £15 being imported into the UK.
Martyn Langlois, general manager of Ferryspeed, said since the rule was scrapped on 1 April, the volume they exported had gone down by 39%.
He said: "It was inevitable, but we're surprised at how quickly it happened."
Surprised? I'd have thought it was inevitable the day after the abuse was stopped.
But what we do learn from this is just how important tax abuse is to Guernsey, as if proof were needed.
Hat tip: Richard Allen