The Rolex Forums   The Rolex Watch

ROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEX

Old 8 July 2020, 07:55 AM   #1
bp33
"TRF" Member
 
Join Date: Jun 2020
Location: Borders
Posts: 70
Vat cut in UK

If there is a VAT tax cut in the Uk tomorrow, will that reduce the prices of Rolexes or will they just adjust prices to suit? Would be a big saving on the more expensive models.
bp33 is offline   Reply With Quote
Old 8 July 2020, 07:59 AM   #2
planemad
"TRF" Member
 
Join Date: Sep 2018
Location: UK
Posts: 319
I don’t think there will be a vat cut until autumn. Especially when the furlough scheme fully ends
planemad is offline   Reply With Quote
Old 8 July 2020, 08:00 AM   #3
bp33
"TRF" Member
 
Join Date: Jun 2020
Location: Borders
Posts: 70
Quote:
Originally Posted by planemad View Post
I don’t think there will be a vat cut until autumn. Especially when the furlough scheme fully ends
Some folks are predicting it could happen tomorrow.
bp33 is offline   Reply With Quote
Old 8 July 2020, 08:15 AM   #4
Explorer2polar
"TRF" Member
 
Join Date: Jan 2019
Location: uk
Watch: BLNR , Sub C, Exp
Posts: 456
Stick my neck out here, don't think there will be any Cut in Vat anytime soon.

Explorer2polar is offline   Reply With Quote
Old 8 July 2020, 08:22 AM   #5
enjoythemusic
2024 Pledge Member
 
enjoythemusic's Avatar
 
Join Date: Nov 2012
Real Name: Steven
Location: Glocal
Posts: 19,265
As a Yank, I'd prefer getting ~15% VAT back unless they lower the prices as well.
__________________
__________________
“Life should not be a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside in a cloud of smoke, thoroughly used up, totally worn out, and loudly proclaiming 'Wow! What a Ride!'” -- Hunter S. Thompson

Sent from my Etch A Sketch using String Theory.
enjoythemusic is offline   Reply With Quote
Old 8 July 2020, 08:27 AM   #6
LyingFlat
"TRF" Member
 
Join Date: Jun 2020
Location: AKL, New Zealand
Watch: TT DJ41
Posts: 131
If there is one, I hope HMRC requires retailers to pass on the savings to their customers.

If there isn’t this requirement, I would bet that retailers would keep the pricing the same and pocket the VAT.


Sent from my iPhone using Tapatalk
LyingFlat is offline   Reply With Quote
Old 8 July 2020, 12:47 PM   #7
sutats
"TRF" Member
 
sutats's Avatar
 
Join Date: Oct 2010
Location: London
Posts: 1,223
Icon7

What about the £500 shopping voucher from the government to spend on a new Rolex or Tudor?
__________________
There's no such thing as a Submariner No Date, it's simply Submariner.
You don't call a Porsche 911 Turbo, a Porsche 911 Turbo No S.
www.instagram.com/sutatshorology
Post Your Rolex/Tudor Watch Weight (PYRTWW)
sutats is offline   Reply With Quote
Old 8 July 2020, 01:11 PM   #8
77T
2024 Pledge Member
 
77T's Avatar
 
Join Date: Dec 2010
Real Name: PaulG
Location: Georgia
Posts: 40,569
Quote:
Originally Posted by bp33 View Post
Some folks are predicting it could happen tomorrow.


The only cut I’ve seen as soon as Wednesday is a temporary VAT cut for hospitality firms to protect jobs in the sector.

If there is a wider version later, don’t expect luxury goods to be included. Cars maybe, consumer durables, PCs to help distance learning...but Rolex? Nope I don’t see that happening. The optics alone could cause a crisis in confidence.


Sent from my iPhone using Tapatalk Pro
__________________


Does anyone really know what time it is?
77T is online now   Reply With Quote
Old 8 July 2020, 04:38 PM   #9
scurfa
"TRF" Member
 
Join Date: Jul 2007
Location: Sunderland
Posts: 1,237
The VAT cut that has been talked about will not be passed on to the customers, its to help businesses recover capital lost during the lockdown.


Sent from my iPad using Tapatalk
__________________
Instagram @scurfawatches
scurfa is offline   Reply With Quote
Old 8 July 2020, 05:02 PM   #10
-Ally-
"TRF" Member
 
Join Date: Mar 2011
Location: Sunny Scotland
Posts: 587
Quote:
Originally Posted by scurfa View Post
The VAT cut that has been talked about will not be passed on to the customers, its to help businesses recover capital lost during the lockdown.


Sent from my iPad using Tapatalk
Wrong.

It is to increase consumer spending.
-Ally- is online now   Reply With Quote
Old 8 July 2020, 05:21 PM   #11
watchmaker
TechXpert
 
watchmaker's Avatar
 
Join Date: Feb 2009
Real Name: Scott
Location: London
Posts: 2,238
I would imagine the intention of a vat reduction is to stimulate spending, so would be intended for the customer.

I was also of the impression that the reduction would be targeted on certain sectors and not a blanket reduction. So luxury watches and jewellery may find itself out in the cold while harder hit industries are given the reduction to boost sales.

It’s all conjecture right now though.
watchmaker is offline   Reply With Quote
Old 8 July 2020, 05:24 PM   #12
stash21
"TRF" Member
 
Join Date: Oct 2016
Real Name: Steve
Location: UK
Posts: 198
given the state of the economy and government finances I suspect any VAT cut will be focussed on the industries in greatest need.
stash21 is offline   Reply With Quote
Old 8 July 2020, 05:34 PM   #13
Ihatecheese
Banned
 
Join Date: Dec 2019
Location: London
Posts: 978
Yes I truly hope they do not reduce vat on luxury items. Rather other items that will help those most affected.
Ihatecheese is offline   Reply With Quote
Old 8 July 2020, 10:47 PM   #14
sutats
"TRF" Member
 
sutats's Avatar
 
Join Date: Oct 2010
Location: London
Posts: 1,223
Icon7

Just announced by the Chancellor that there'll be a temporary cut to VAT on food, accommodation and attractions from 20% to 5% from 15 July 2020 to 12 January 2021.
__________________
There's no such thing as a Submariner No Date, it's simply Submariner.
You don't call a Porsche 911 Turbo, a Porsche 911 Turbo No S.
www.instagram.com/sutatshorology
Post Your Rolex/Tudor Watch Weight (PYRTWW)
sutats is offline   Reply With Quote
Old 9 July 2020, 04:59 AM   #15
The Joker
"TRF" Member
 
The Joker's Avatar
 
Join Date: Sep 2010
Location: Gotham
Posts: 9,634
Quote:
Originally Posted by sutats View Post
Just announced by the Chancellor that there'll be a temporary cut to VAT on food, accommodation and attractions from 20% to 5% from 15 July 2020 to 12 January 2021.
Did he mention anything about Rolex watches?
The Joker is offline   Reply With Quote
Reply

Tags
united kingdom , vat


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Takuya Watches

Bobs Watches

Asset Appeal

My Watch LLC

OCWatches

DavidSW Watches

Coronet


*Banners Of The Month*
This space is provided to horological resources.





Copyright ©2004-2024, The Rolex Forums. All Rights Reserved.

ROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEX

Rolex is a registered trademark of ROLEX USA. The Rolex Forums is not affiliated with ROLEX USA in any way.