Chancellor Reeves Closes VAT Loophole for Uber and Private Hire Firms, Levels Taxi Competition

• Chancellor Reeves has closed the TOMS VAT loophole for private hire firms like Uber in London, effective today.
• The change requires large ride-hailing and minicab platforms to pay VAT on fares like other transport services, ending their use of a tax scheme meant for holiday operators.
• The reform is expected to protect around £700 million in public revenue and aims to create fairer competition with black cabs.
• The policy targets larger London operators; smaller firms and licensed London taxis are unaffected.
• Industry leaders and the government have welcomed the move as a step toward fairness and integrity in the taxi and private hire sector.

Source: taxi-point.co.uk

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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