Latest news with #taxfreeshopping
Bloomberg
2 days ago
- Business
- Bloomberg
UK Retailers Demand Return of Tax-Free Shopping in Tourism Plan
UK retailers are renewing efforts to persuade Chancellor of the Exchequer Rachel Reeves to bring back tax-free shopping for tourists, as the government prepares to set out its plan to boost the so-called visitor economy. Making purchases exempt from VAT could result in £3.65 billion ($4.9 billion) of additional spending by visitors from the European Union, the Association of International Retail said in a submission to ministers published Tuesday. That's on top of about £1.5 billion of spending by non-EU visitors the lobby group said was diverted from the UK when it scrapped tax-free shopping in 2021.
Times
2 days ago
- Business
- Times
Ministers urged to let EU visitors shop tax-free
The UK economy could gain an extra £3.7 billion a year and create more than 73,000 new jobs if the government reinstated tax-free shopping for overseas visitors, ministers have been told. A new paper from the Association of International Retail (AIR), an independent industry body, has urged the government to reverse the 2021 decision to scrap VAT rebates for tourists — a move widely criticised by business leaders as a 'tourist tax'. The submission, delivered to the Department for Culture, Media and Sport, argues that Brexit created a unique chance for Britain to offer tax-free shopping to both non-EU and EU visitors, unlocking a vast new market of 450 million potential shoppers. 'With Britain no longer in the EU, we have the opportunity to become the best place in the world for shopping,' said Derrick Hardman, the chair of AIR.
