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Tesco cuts VAT rate three days early to help Christmas shoppers

01
Dec '08
Tesco announces that it is cutting customers Christmas shopping bills three days earlier than any other supermarket by passing back the VAT reduction on all applicable non food products including electricals, home entertainments and clothing from Friday 28th November.

The news will come as welcome relief to millions of customers who will be heading out to start Christmas shopping this weekend as they receive their last pay packet before Christmas.

Richard Brasher, Commercial Director at Tesco comments: “We announced on Monday that we would be passing this reduction back to our customers and since then we've been working hard to bring them the benefit sooner rather than later.

“We know that many families will start their Christmas shopping this weekend as pay packets arrive and we don't want customers to miss out on the cut in VAT which comes in on Monday.

“We hope that this cut combined with our current offers on great gift ideas from lap tops to half price bikes will mean that our customers can look forward to an even better and more affordable Christmas.”

The early VAT back will also apply to relevant products on Tesco Direct.

The VAT reduction from 17.5% to 15% announced by the Government on Monday comes into effect on Monday 1st December and is expected to put about £12.5 billion back in consumers' pockets.

Customers shopping this weekend could save more than £200 on Christmas presents for all the family as a result of Tesco's move to pass the VAT reduction on early and the fantastic offers it currently has in store.

The tax cut will not reduce the price of tobacco or alcohol. This is because the Chancellor increased duty on these products.

Tesco will apply the cut in VAT at the checkout and the saving will be clearly shown on till receipts and communicated to customers around the store.

Most food is not affected as it does not attract VAT. However, for those grocery items which do attract VAT such as pet food, confectionary and health and beauty products we will pass on the VAT reduction from Monday.

Tesco


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