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A matter of not losing face?

Category Technical Articles
AuthorTechnical Department
Speaker's Corner, Tax Adviser March 2004, by Peter Landon, member, CIOT Indirect Taxes sub-committee and VAT Committee, ICAEW. Something patently obvious to most who advise on tax is that attempts to counter avoidance or leakage of tax seldom achieve their aim by simple means, if they achieve it at all. The measures taken are often out of all proportion and offer further opportunities for more exploitation. And this is, to my mind, precisely what has happened in relation to the new VAT rules on face-value vouchers introduced in Finance Act 2003.

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