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"
- UK Tribunal Clarifies VAT Liability on Amazon Marketplace Sales
- Business Entertainment VAT Rules Updated by HMRC
- Hospitality Sector Urged to Back Petition for 10% VAT Cut
- HMRC Updates Notice 742A on Option to Tax and VAT Registration Cancellation
- Colchester Institute VAT Case: Key Implications for FE Colleges and Grant Funding
