New tax will increase vape prices
Vape prices will increase with the introduction of a new tax. The government's aim is to make vaping less appealing to young people and children. The Vaping Products Tax has been set at £2.20 for 10 ml of e-liquid. However, many consumers will not feel the price increase immediately as existing stocks can be sold at old prices for six months.
At a time when the negative health effects of vaping are increasingly being proven, the government aims to reduce the appeal of this habit by raising product prices. The vaping industry argues against the new tax, claiming that affordable vape products help people quit smoking. This tax will apply to all vaping products, whether they contain nicotine or not.
Recently, a similar increase was made for tobacco products; there was a £2.20 increase for 100 cigarettes or 50 grams of tobacco. The government states that these increases aim to redirect smokers to vaping. However, some vapers believe the new tax will affect their habits. 19-year-old Mackenzie Bird expressed a positive view of the tax, stating, "It won't stop me from vaping." On the other hand, Cara Lewis-Rimes and Dylan Killner expressed that the price increase might lead them to reconsider their habits.
HMRC will also implement a new stamp to ensure the traceability of vaping products. Starting in April, all vape products sold in the UK will be marked with this stamp. The new tax also aims to combat illegal trade; this has become an increasingly problematic issue on the streets of the UK. Health Minister Karin Smyth stated that these measures aim to reduce young people's vaping habits.
Employees of vape shops point out that the new tax will create significant pressure on legitimate businesses. Jordan Apap, who works at Berkshire Vapers, expressed his concern by saying, "We may not be able to exist in a year or two." Representatives of the vaping industry argue that promoting healthy living is a primary goal, but that illegal trade needs to be combated more effectively to achieve this.
Source: BBC Business
