Lord Campbell-Savours – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Lord Campbell-Savours on 2016-01-26.

To ask Her Majesty’s Government whether they have any plans to carry out an inquiry into VAT fraud in the London souvenir and gift trade.

Lord O’Neill of Gatley

HM Revenue and Customs (HMRC) are committed to tackling tax avoidance, evasion and fraud at all levels to ensure everyone pays the right tax at the right time.

HMRC introduced a series of taskforces in 2011 to target specific high risk sectors in certain locations. There are currently no plans for a taskforce dedicated to the London souvenir and gift trade, although that does not mean that HMRC takes no action against fraud in this sector.

Other, existing taskforces – for example those focusing on London retail, indoor and outdoor markets, and VAT repayments – will have an impact on the sector. Additionally, the sector will be impacted through HMRC’s normal intelligence- and data-led way of identifying and addressing tax risks.