Play.com pulls out of Jersey
Play.com has become the latest victim in the shifting retail market after confirming it will shut down its direct retail business in Jersey.
From March the firm will become a marketplace-only vendor. Play.com said in a statement: “Moving forward we are intending to focus exclusively on our successful marketplace, which is our main business area, and to phase out the direct-retail part of our business.”
The online retailer blamed the move on the scrapping of the Low Value Consignment Relief (LVCR) which allowed items less than £15, such as CDs, games and DVDs, to be sold to the UK VAT-free.
The government closed the LVCR loophole, which was thought to have cost the exchequer about £130m in lost VAT, in April 2012 in a bid to “take action to end exploitation of the rules”.