Feb 27, 2024
Ministers consider new vaping tax at Budget next week
The government is considering announcing a new tax on vapes at the Budget next week. Tobacco duty could also increase at the Budget, to ensure that vaping remains cheaper. The government first said it was considering a vaping levy at November's King's Speech, citing a "Significant differential" with tax on tobacco. According to the Times, which first reported the story, the new duty will be levied on the liquid in vapes, with higher tax rates for products with more nicotine. Treasury analysis suggests the new vaping tax, along with the rise in tobacco duty, could raise around £500m a year.
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