Fraudsters take advantage of VAT loopholes in UK secondary metals trade

May 01, 2012 | 08:52 AM |

Members of the British Metal Recycling Assn (BMRA) are being targeted by fraudsters taking advantage of VAT loopholes when trading secondary metals, according to director general of the association Ian Hetherington. Some BMRA members have become party to a trade or series of trades involving more than one country that take advantage of differentials in VAT rates, Hetherington told Metal Bulletin recently. The BMRA has notified the Inland Revenue, Hetherington said. “It....

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