UK Bond street watches and no VAT refunds.
I visited all the boutiques on Bond st in London, interacted with the fine sales (wo)men at the boutique. I found watches I liked like the speedy 57 blue dial, JLC Polaris perpetual, etc. But I found out that after brexit they are no longer refunding the 20% VAT. This adds $2k+customs on every $10k purchase. This essentially kills tourist spending. I wonder who made this genius move, even the shops at LHR airport do not offer any VAT free shopping. Needless to say I had to walk away from there not spending a dime (phew). But disappointed that I could have obtained at least 3 watches I have been waiting on since 2021.
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Don't mention the B word. It's still a sore topic, 7 years after the vote!
The removal of VAT refunds for tourists has been raised a few times recently in UK parliament for the reason you mention - suppressing visitor numbers.
I believe the Treasury (UK finance ministry) made a judgement that removing the refunds would boost tax revenue. Opponents disagree, arguing that tax-free shopping encourages more tourists to visit the UK, spending on air fares, accommodation, food etc which offsets any lost tax revenue from the VAT refunds.
I think it stinks as Brit. Visitors should not have to pay tax and visa vers if I wanted a watch from USA or elsewhere. It used to be one of the perks of travelling, and lets face it they sting you in every other way.
The removal of VAT refunds for tourists has been raised a few times recently in UK parliament for the reason you mention - suppressing visitor numbers.
I believe the Treasury (UK finance ministry) made a judgement that removing the refunds would boost tax revenue. Opponents disagree, arguing that tax-free shopping encourages more tourists to visit the UK, spending on air fares, accommodation, food etc which offsets any lost tax revenue from the VAT refunds.
Poly trixters are the most inept financial analysts on the planet 🤨🧐 testing out their pet theories on you the “ mark’s”