Treasury written question – answered at on 17 December 2018.
Peter Dowd
Shadow Chief Secretary to the Treasury
To ask the Chancellor of the exchequer, how much money has accrued to the public purse as a result of the introduction of VAT anti-avoidance measures on imported road vehicles since 2011.
Mel Stride
Financial Secretary to the Treasury and Paymaster General
The Notification of Vehicle Arrivals (NOVA) system was introduced on 15 April 2013 and was designed to reduce VAT evasion when road vehicles are permanently imported into the UK from the European Union.
The expected Exchequer revenue from this measure was set out in Table 2.2 of Budget 2013:
In 2014 HMRC evaluated the yield from this measure following the first year of operation of the system. The conclusion was that the scheme has been successful in reducing evasion as intended, and that the projections made at Budget 2013 remained the best estimate of the revenue yield.
Yes2 people think so
No0 people think not
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The chancellor of the exchequer is the government's chief financial minister and as such is responsible for raising government revenue through taxation or borrowing and for controlling overall government spending.
The chancellor's plans for the economy are delivered to the House of Commons every year in the Budget speech.
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