The offshore loophole that saw millions of pounds of goods -mostly CDs and DVDs - sent to the UK from the Channel Islands has been closed. The final death knell was sounded when a legal challenge at the High Court by the Channel Island governments of Guernsey and Jersey - failed in their bid to have the Chancellor's plans to abolish Low Value Consignment Relief (LVCR). Under the scheme, a range of sub-£15 products purchased and imported from outside the EU qualified as VAT-exempt under LVCR. Multiple goods orders were frequently broken down to individual packages in order to exploit it.
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