Tax and £12 Billion Spent on Drugs and Prostitution

The Office for National Statistics (ONS) has included the amount spent on illegal drugs and prostitution in economic data. It estimated for 2013 that illegal drugs had a turnover of £6.6 billion and prostitution some £5.7 billion. The new data is not just for statistical background. For VAT purposes prostitution is taxable, with HMRC targeting both the bosses as well as workers. But illegal, street, drugs are not VAT-able because in the UK there cannot be any legitimate or open trade in them.

Eamon McNicholas
Tax Barrister, Accountant
 
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About Eamon McNicholas

Tax Barrister, Accountant www.EamonMcNicholas.com
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