VAT Reduction To Come?

Wongo · Jun 22, 2020

B J G said:
No longer being an EU Member frees up the UK Chancellor to do as he thinks fit.

with a very small UK car production base any VAT reduction would benefit other Nations more.

VAT cuts on the hospitality front would be a distinct possibility.

They cut VAT in Germany too so its not an EU issue.

B J G · Jun 22, 2020

There are levels of VAT that are set by the EU as a must be complied with. Not necessarily the exact level but controls are there. Imagine the chaos if say Belgium reduced their VAT to 4% and every European purchased their goods there. Open trade borders.

Other Nations simply benefit by the increase of Imported goods by UK citizens giving employment and fiscal increases. We are a net importer after all.

Harps back to the buy British days.

Just trying to highlight how difficult a decision it is where to cut any taxes especially now with an unimaginably huge UK Debt.

GSX1300R · Jun 23, 2020

The VAT reduction will come possibly 6-9 months Before the NEW VAT Increase.. Someone will have to pay for this disaster and its normally Joe Blogs that foots the bill...Reduce it by 2.5% then increase by 5%..

Tom Downie · Jun 27, 2020

Calif-Onion-cation said:
Just spotted this in the Daily Mail.

Rishi Sunak plans VAT cut to kickstart economy amid coronavirus chaos

Amid fears many businesses face going bust due to the fallout from lockdown, Chancellor Rishi Sunak has ordered officials to draw up options for cutting the sales tax in the coming months.

www.dailymail.co.uk

No date when this may kick in, but hopefully soon. Could be a double saving for new buyers what with the VED saving as well.
BTW I don’t but the Daily Mail, just log on for the side-bar of shame

Hard to believe anybody still believes that the Daily Mail is a credible place to find facts!

Virgil van Bike · Jun 27, 2020

Tom Downie said:
Hard to believe anybody still believes that the Daily Mail is a credible place to find facts!

Ha, nice to see trolling is alive and well!
Exactly where did I say I believed “ that the Daily Mail is a credible place to find facts!”??
Certainly don’t take as gospel anything I read on any media platform, just a discussion point as it was also covered in other rags as well, as I’ve mentioned previously.