Life Style

Walpole, a UK luxury trading institution, wants to reintroduce VATRES

Walpole, the official division of UK luxury goods, recently called for the reintroduction of the VAT Retail Export Scheme (VAT RES). This could result in direct retail sales of at least £ 1.2 billion. VAT RES rules allow visitors to the UK outside the European Union (EU) to purchase eligible goods and avoid or claim a UK VAT refund imposed on those purchases.

By reintroducing VAT RES or a similar scheme, the UK will attract 600,000 additional visitors annually. Walpole includes Harrods, Claridge’s and Burberry.

Walpole, the official UK luxury goods agency, recently called for the reintroduction of the VAT retail export scheme. We believe this could result in direct retail sales of at least £ 1.2 billion. This scheme allows visitors to the UK outside the EU to purchase eligible goods and avoid or claim a UK VAT refund imposed on those purchases.

Nearly 250 luxury brands have called on the government to reintroduce tax-free shopping to ensure that the UK’s economic recovery is comparable to that of Europe.

This is in line with the demand for a smoother tourism visa system, which they say will help the post-pandemic tourism economy align with the economies of France, Italy and other EU countries. Faster rate.

This proposal is part of Walpole’s new tourism report, “What’s Worth: Enables the Resurrection of the £ 30 Billion High-End Tourism Sector”, the value of high-end tourism to the UK economy and what makes it possible. It emphasizes the need for government action. Britain prospers.

The country’s high-end tourism was worth £ 30 billion in 2019, but Britain is struggling to recover to pre-pandemic levels, Walpole said. Trade agencies attributed the government’s decision to abandon tax-exempt shopping schemes in 2020 and estimate retail sales to non-EU visitors fell by 38%.

The report outlines the role tourism played in the pre-pandemic UK economy, with domestic and international tourism contributing 4% of GDP, with an overall value of £ 85 billion. Of that, £ 30 billion. It was attributed to “high-end tourism” defined as people staying in luxury accommodation.

Wimpole adds that these high-end visitors usually spend 14 times more than the average visitor. Spending £ 1 on luxury accommodation in the UK creates £ 8 in other industries such as culture, entertainment and luxury shopping, supporting 160,000 jobs across the UK’s luxury sector.

Walpole said the UK’s visas lag behind the Schengen Agreement, and the UK’s electronic visa exemption system for newcomers to the UK, rather than an attractive destination in the UK, makes the UK more “ than EU countries” He added that the destination is “difficult to access”.

Fiber2Fashion News Desk (DS)



Walpole, a UK luxury trading institution, wants to reintroduce VATRES

Source link Walpole, a UK luxury trading institution, wants to reintroduce VATRES

Back to top button