High street retailer HMV have moved operations from Guernsey following the removal of tax concessions in April.
The tax concession which exempted low value exports to the UK market from value added tax (VAT).
HMV is one of many companies with facilities in Guernsey who have closed their island based operations due to the removal of Low Value Consignment Relief (LVCR). It is expected that eventually the removal of LVCR will ruin the fulfilment industries on the island.
Read more about the removal of LVCR and its removal on Tax News.