Watches of Switzerland and Burberry fall on reports of no 'tourist tax' U-turn
Evening Standard|February 26, 2024
FADING hopes for a tourist tax U-turn in next week's Budget today squeezed the shares of Rolex seller Watches of Switzerland and other luxury retailers.
Graeme Evans
Watches of Switzerland and Burberry fall on reports of no 'tourist tax' U-turn

The Treasury reportedly has no immediate plan to reverse 2021's decision to axe the tax-free shopping scheme, which allowed overseas visitors to reclaim 20% VAT. In a letter seen by The Times newspaper, minister Nigel Huddleston warned of complexities as any new scheme would now need to be open to visitors from the EU.

This story is from the February 26, 2024 edition of Evening Standard.

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This story is from the February 26, 2024 edition of Evening Standard.

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