Taxation logo taxation mission text

Since 1927 the leading authority on tax law, practice and administration

Big numbers

01 August 2007 / Richard Curtis
Issue: 4119 / Categories: Comment & Analysis , VAT
RICHARD CURTIS summarises the final debates of the Public Bill Committee on the Finance Bill 2007.

THE THIRTEENTH SESSION of the Public Bill Committee's consideration of Finance Bill 2007 began with a consideration of clause 97 which the Lobby Notes explain 'amends the joint and several liability provisions applicable to traders who know or have reasonable grounds to suspect that VAT will go unpaid elsewhere in a supply chain. It introduces a new power to allow HM Treasury by order to extend or otherwise alter the circumstances in which a person is presumed to have reasonable grounds for suspecting that VAT will go unpaid'.
There followed a rather lengthy debate on the scale of missing trader intra-Community fraud (such as 'carousel' frauds) and one figure quoted for 2005-06 was between £3.5 and £4.75 billion. While there was some debate over the exact level Mr Gauke (Conservative) seemed to hit the nail on the head with his statement...

If you or your firm subscribes to, please click the login box below:

If you are not a subscriber but are a registered user or have a free trial, please enter your details in the following boxes:

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.

Please reach out to customer services at +44 (0) 330 161 1234 or '' for further assistance.

back to top icon