Tax breaks announced for online Christmas shoppers
Tax breaks announced for online Christmas shoppers
Thursday 13th November 2008
HM Revenues & Customs (HMRC) is dropping tax on internet shopping for non-EU purchases up to £105 (€150)Currently customs duty is paid on goods bought outside the EU worth over £18 – but this threshold is being raised to £105 from December 1st.
VAT will still be charged on goods over £18 (€22).
HMRC director of customs & international Doug Tweddle said: "Whether you're looking to get your hands on the latest computer game, designer clothes or DVDs, it's important to be aware of the law on customs charges, especially as this is about to change."
He added: "If you're buying goods from countries outside the EU, it's in your interests to know what the rules are. For example, some websites don't always make clear there is duty or VAT to pay, while others may misrepresent or undervalue your goods to try and avoid paying charges.
"But if goods are found to be wrongly declared, they may be seized and the customer penalised."
More information is available in a podcast from the HMRC website.
Related News
Crackdown for loan insurance - 13/11/08
The Competition Commission (CC) today issued plans outlawing the sale of payment protection insurance (PPI) within 14 days of a loan
The Competition Commission (CC) today issued plans outlawing the sale of payment protection insurance (PPI) within 14 days of a loan
BT to cut 10,000 jobs - 13/11/08
Telecoms giant BT says it plans to cut 10,000 jobs by the end of the current financial year, despite reporting a four per cent revenue increase in its second quarter
Telecoms giant BT says it plans to cut 10,000 jobs by the end of the current financial year, despite reporting a four per cent revenue increase in its second quarter
Recession confirmed for German economy - 13/11/08
Germany has succumbed to global economic woes by officially falling into recession today
Germany has succumbed to global economic woes by officially falling into recession today
FTSE 100 makes up early falls - 13/11/08
The FTSE 100 made up ground from early drops this morning, despite more falls seen last night in New York
The FTSE 100 made up ground from early drops this morning, despite more falls seen last night in New York
1 in 5 children secretly shopping online with parents' credit cards - 13/11/08
A fifth of British children are shopping online using their parents' credit card details without their knowledge, according to a new poll
A fifth of British children are shopping online using their parents' credit card details without their knowledge, according to a new poll
News Article Search
Quick Apply
News Archive