Petition Introduce a Higher Rate of VAT for Luxury Brands to help tackle the deficit

Introduce a Higher Rate of VAT for Luxury Brands to help tackle the deficit.

Increasing VAT to 30% on luxury brands would raise an estimated £1bn for the exchequer.

Targeting Brands rather than specific products or price points offers a simple solution with low implementation costs.

Sales of Personal Luxury Goods alone in the UK in 2013 amounted to €12.1bn. The list will be capped at 250 brands and reviewed every 3 years.

Luxury Brands support jobs and contribute significantly to the UK economy, however in a period of prolonged austerity when the super wealthy risk evolving into a different species inhabiting a distant planet, a fairer VAT regime could help slow the alienation process and put some credibility into the ‘We’re all in it (the do-dah) together’ slogan.

Examples
Ralph Lauren
Prada
Burberry
Tiffany
Cartier
Hermes
Gucci
Louis Vuitton
Bain and Company
Rolex

Thank you!