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Home  »News  »Property News

VAT freeze at major high street retailers

30/12/2009

A VAT freeze at major high street retailers and some DIY outlets could see millions of shoppers cash in this New Year. Supermarket firms Asda and Tesco became the latest in a long line of high street shopping chains to delay the upcoming VAT hike – which will see the tax rise from 15 to 17.5 per cent on January 1st. Richard Dodd from the British Retail Consortium told the Daily Mirror: "The fact that a significant number of retailers are choosing to take the hit by not raising prices in line with VAT shows how tough it is to entice people to part with their money." Earlier this month, before chancellor Alistair Darling released his pre-Budget report, Ian Cheshire, chief executive of the DIY group Kingfisher, which owns B&Q, told the Guardian that the rise in VAT to its previous rate would not be the end of the world but any further increases would "have a big impact on the psychology of customers and their willingness to spend". Upgrade your lifestyle with our latest home improvement offers Posted by Carla Spuri.

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