A UK court Tuesday upheld £7.9 million ($10.3 million) in tax and customs duty charges levied on four companies found to be undervaluing imported goods.
The companies failed to provide sufficient documentary evidence to support their declared value of imported goods to His Majesty’s Revenue and Customs, while also wrongly claiming tax relief for their imports, according to a Nov. 11 First-tier Tribunal ruling.
HMRC sought customs duty and import value-added tax from four companies—Conqueror Trading Ltd., Bow Trading Ltd., Limehouse Trading Ltd., and Chieftain Trading Ltd.—for their import of goods beginning in October 2015.
HMRC ...
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