Liz Truss is considering cutting Britain’s VAT sales tax by as much as 5 percentage points across the board, the Telegraph reported, a move that may head off criticism she lacks a plan to tackle the country’s cost of living crisis.
The foreign secretary is understood to have discussed the move with her advisers but no final decisions will be taken until the Conservative leadership contest concludes on 5 September, according to the Sunday Telegraph.
The plan is being considered as a “nuclear” option, the Telegraph quoted an unnamed source as saying, with other options being considered include a 2.5% cut in VAT, from the current standard rate of 20%.
Sources:
Latest Posts in "United Kingdom"
- HMRC Clarifies VAT Treatment of Overage Payments on Land Sales
- VAT Error Correction: Amending Returns, Claiming Refunds, and Avoiding Penalties
- Court of Appeal Upholds Standard VAT Method in Hippodrome Casino Case
- Hotelbeds v HMRC: Businesses Can Reclaim VAT Without Invoices, Court Rules
- NHS Trust Wins VAT Exemption for Agency-Supplied Locum Doctors Against HMRC
