economy United Kingdom
UK reportedly plans VAT crackdown on online marketplaces
1BGBP
Potential additional Treasury revenue from the proposed crackdown
John Healey is reportedly preparing to make online marketplaces collect VAT from retailers selling through their platforms. The measure could raise up to Ā£1bn and may fund business-rates cuts for high-street shops.
1 sourceThe GuardianUpdated
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AllegedJohn Healey is reportedly preparing to make online marketplaces collect VAT owed by retailers selling through their platforms.
āonline marketplaces will be made responsible for collecting tax owed by retailers selling on their platformsā
- 1BGBP
AllegedPotential additional Treasury revenue from the proposed crackdown
ācould raise up to Ā£1bn more for the Treasuryā
- 90,000GBP
AllegedAnnual retailer turnover threshold for marketplaces to collect VAT
āretailers on their platform who have an annual turnover of more than Ā£90,000ā