Vat

Treasury written question – answered on 3rd July 2018.

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Photo of Anneliese Dodds Anneliese Dodds Shadow Minister (Treasury)

To ask Mr Chancellor of the Exchequer, how many times HMRC has required security payments for VAT for every month since January 2016.

Photo of Mel Stride Mel Stride Financial Secretary to the Treasury and Paymaster General

Where HMRC believes that revenue is at risk of going unpaid it has the power to require a security deposit from VAT-registered businesses. Those businesses that comply with their VAT obligations will never be required to give a security.

For the period January 2016 – June 2018, HMRC has issued a total of 3585 VAT Notices of Requirement to give security, at an average of 120 Notices per month.

HMRC will continue to use Securities legislation in a reasonable and proportionate manner to support its ongoing commitment to tackling non-compliance and tax losses in VAT (and other taxes where Securities legislation also exists).

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