The Treasury missed out on more than £200 million last year because it scrapped VAT-free shopping, according to new estimates.
The controversial ‘tourist tax’ cost British retailers £1.5 billion in lost sales in 2022, said the Association of International Retail (AIR) in evidence sent to the Chancellor Jeremy Hunt in an effort to get the policy reviewed.
Source: www.thisismoney.co.uk
Latest Posts in "United Kingdom"
- Tribunal Rules Nursery Meal Deliveries by Slice of Pie Limited Are Standard-Rated Catering Services
- UK May Cut VAT on Public EV Charging to Offset Pay-Per-Mile Scheme and Boost Adoption
- UK May Cut VAT on Public EV Charging to 5% to Match Home Rates and Boost Adoption
- UK Overhauls VAT Grouping Rules to Attract Global Investment and Reclaim Overpaid VAT
- Supreme Court Rules VAT on Share Sale Costs Not Recoverable Despite Fundraising Purpose
