Budget 2020: reading tax axed and business rates abolished for year

Budget 2020: reading tax axed and business rates abolished for year

Chancellor Rishi Sunak has abolished VAT on e-books, dubbed the “reading tax”, alongside halting business rates on small businesses for a year.

In his budget speech yesterday (11th March), Sunak said VAT would be scrapped on digital books, newspapers and magazines from 1st December. It remains unclear whether the lifting of the tax extends to audiobooks.

Sunak told the Commons: “Digital publications are subject to VAT. That can’t be right. So today I’m abolishing the Reading Tax. From the 1st December, just in time for Christmas, books, newspapers, magazines or academic journals, however ...

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