United Kingdom Treasury implement an abolition of taxes in digital publications
- Support for sectors of the cultural and creative industries
- Stimulating demand
The UK Treasury, which is responsible for public finances and economic policy, announced the abolition of the 20% value-added tax (VAT) on digital publications. This measure, which came into force on 1 May 2020, seven months ahead of schedule, aims to promote access to e-books and the online press and support the publishing sector. Its implementation was brought forward in response to a significant rise in demand for e-books and subscriptions to digital media during the pandemic. It also announced that the printed press is to receive up to £35 million (US$ 44.6 million) in extra advertising revenue from the Government as part of its COVID-19 information campaign.