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So no longer any doubt about it then. LVCR was just profit on a plate which made otherwise lacklustre businesses viable.

Shame is that in the process, yet another gaping hole in the UK tax system has brought down most of our high street media retailers, with HMV circling the drain as the last of the bunch.

Although HMV are peculiar in that they actually used LVCR to undermine their OWN business.