Upper Bann DUP MP Carla Lockhart and North Antrim MP Ian Paisley have welcomed confirmation from the Chancellor of the Duchy of Lancaster Rt. Hon. Michael Gove, that Treasury and HMRC will be bringing forward a margin scheme to alleviate the VAT threat to the local second-hand car industry.
This has been a combined effort between the DUP teams in Westminster and Stormont.
Carla Lockhart said:
“Over recent weeks we have been working closely in lobbying the Government to find a resolution to the VAT margin issue that threatened to put our second-hand car industry out of business, and increase the cost of second-hand cars to local motorists.
Working alongside the motor industry, we made a strong case to the Government for the need to act with haste. I welcome confirmation today from the Government that this campaign has been successful and thank the Chancellor of the Duchy of Lancaster for achieving this common-sense outcome.”
Ian Paisley added:
“It is good that the Government has listened to the very serious concerns around the VAT margin scheme. Obviously, we will need to see the detail of how it will be dealt with and I will be engaging with Treasury as a matter of urgency to drill down on the detail. Any scheme needs to fully remove any additional cost to either business or consumer. We must get that clarity to give certainty to the industry moving forward.”