MPs to scrutinise tax system for destination of lost VAT billions

MPs are set to scrutinise the VAT system to examine why the tax man is failing to collect billions as part of a trio of investigations launched by the Treasury Select Committee.

Today, the committee, headed by former Conservative cabinet member Nicky Morgan, will investigate the so-called tax gap, with HMRC collecting less value-added tax than it estimates it should.

According to latest figures, in the 2015-16 tax year as much as £12.6bn was not collected.

The committee is to also look into the possibilities for changing the VAT system after Brexit.

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