EMERGENCY BUDGET - VAT MEASURE
Released On 23rd Sep 2022
When the UK left the EU the Retail Export Scheme (RES) was abolished in mainland Great Britain.
The RES was a VAT-free shopping scheme for overseas visitors allowing them to obtain a refund on goods bought in the UK high street and at airports and exported from the UK in their personal baggage.
It appears that RES is to be reintroduced. It will be interesting how the new scheme will ensure equality of treatment for retailers and tourists in both Great Britain and Northern Ireland, and how it will in practice operate for visitors from the Republic of Ireland.
The timeline of these changes is still uncertain, although the documents released today suggests that there will be no cost to the Exchequer until 2024-25.
