Abolish HMRC's New Regulations on Taxing Secondhand Sales
Abolish HMRC's New Regulations on Taxing Secondhand Sales
The Issue
As a member of the British public, I am deeply concerned about the new regulations requiring online platforms to report sellers' data to HMRC. These regulations infringe on our privacy and freedom to sell second-hand goods without undue scrutiny. This is not just an issue for me but for many others who rely on these platforms as a means of recycling, reducing waste and giving ourselves the financial boost to get by these days.
The implementation of this scheme has seen £37 million of taxpayers' money invested, despite "only a small proportion of users triggering the threshold where information needs to be provided." This quote from Adam Jay, chief executive of Vinted highlights the disproportionate nature of this regulation and its cost.
This money could be better utilised in supporting those with lower incomes, rather than squeezing every last penny from hardworking individuals trying to make ends meet or reduce their environmental impact by selling second-hand items.
We urge you to reconsider these regulations and redirect funds towards more beneficial initiatives that support our citizens rather than penalise them. Please sign this petition if you believe in protecting our rights as sellers and ensuring fair use of taxpayers' money.
"Adam Jay, chief executive of the second hand marketplace platform Vinted, told the BBC he did not believe the new rules would affect many of the site's sellers.
"It's actually quite a small proportion of users of our platform who will trigger this threshold where we need to provide information," he said.
Under the rules set out by the OECD, firms will not be asked to share data about sellers who make fewer than 30 transactions or €2,000 (£1,735) a year.
"It's only those people who are making a profit from selling second-hand items that might be eligible for tax and then it's about their own personal tax situation what tax would ultimately be due to HMRC," he said." Source - BBC News 02/01/2024 https://www.bbc.co.uk/news/business-67855872
"This measure is expected to have a significant impact on UK digital platform operators who will have to collect specific pieces of information about sellers, which some platforms will not already collect. UK platforms will have to verify that information, collate and report it to enable the seller to be identified and matched with data HMRC holds, identify the residency of the seller and the jurisdiction in which a property is located.
Data, including bank account information if the platform holds that information, will be collected and provided to HMRC, and exchanged with other tax authorities when appropriate. This information will be used to identify and risk assess the individual or company." Source - .gov.uk 03/01/2024
Further details can be found on the gov.uk website;
50,123
The Issue
As a member of the British public, I am deeply concerned about the new regulations requiring online platforms to report sellers' data to HMRC. These regulations infringe on our privacy and freedom to sell second-hand goods without undue scrutiny. This is not just an issue for me but for many others who rely on these platforms as a means of recycling, reducing waste and giving ourselves the financial boost to get by these days.
The implementation of this scheme has seen £37 million of taxpayers' money invested, despite "only a small proportion of users triggering the threshold where information needs to be provided." This quote from Adam Jay, chief executive of Vinted highlights the disproportionate nature of this regulation and its cost.
This money could be better utilised in supporting those with lower incomes, rather than squeezing every last penny from hardworking individuals trying to make ends meet or reduce their environmental impact by selling second-hand items.
We urge you to reconsider these regulations and redirect funds towards more beneficial initiatives that support our citizens rather than penalise them. Please sign this petition if you believe in protecting our rights as sellers and ensuring fair use of taxpayers' money.
"Adam Jay, chief executive of the second hand marketplace platform Vinted, told the BBC he did not believe the new rules would affect many of the site's sellers.
"It's actually quite a small proportion of users of our platform who will trigger this threshold where we need to provide information," he said.
Under the rules set out by the OECD, firms will not be asked to share data about sellers who make fewer than 30 transactions or €2,000 (£1,735) a year.
"It's only those people who are making a profit from selling second-hand items that might be eligible for tax and then it's about their own personal tax situation what tax would ultimately be due to HMRC," he said." Source - BBC News 02/01/2024 https://www.bbc.co.uk/news/business-67855872
"This measure is expected to have a significant impact on UK digital platform operators who will have to collect specific pieces of information about sellers, which some platforms will not already collect. UK platforms will have to verify that information, collate and report it to enable the seller to be identified and matched with data HMRC holds, identify the residency of the seller and the jurisdiction in which a property is located.
Data, including bank account information if the platform holds that information, will be collected and provided to HMRC, and exchanged with other tax authorities when appropriate. This information will be used to identify and risk assess the individual or company." Source - .gov.uk 03/01/2024
Further details can be found on the gov.uk website;
50,123
Petition updates
Share this petition
Petition created on 3 January 2024