HM Treasury written question – answered at on 1 July 2016.
To ask Mr Chancellor of the Exchequer, if he will review the rate of VAT levied on over-the-counter medicines; and if he will make a statement.
VAT is a broad based tax on consumption, with the twenty per cent standard rate applying to most goods and services.
A zero rate of VAT is applied to drugs provided on prescription and dispensed by a dispensing chemist.
The Chancellor keeps all tax policy under review but has no plans to change the VAT treatment of medicines.
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