George Osborne, VAT cosmetic surgery ideas

Dermal filler VAT, to be or not to be ?

10/17/2011

George Osbourne-pic

George Osborne, VAT cosmetic surgery ideas.
Rumours are rife that Chancellor George Osborne is ready to raise the government coffers with a tax on cosmetic surgery procedures.
It is thought that the government could raise as much as £ 500 million a year by slapping a 20 % VAT charge on procedures.
Operations such as breast enlargement, tummy tucks and liposuction could all attract VAT, which would increase prices by 20 %.
Of course, many would say it has just been a question of time. Countires such as Spain already levy a tax on cosmetic surgery and perhaps Mr Osborne will use this fact to help him get these proposals through.
The cosmetic surgery industry will not welcome the news. They have been hit by the recession just like any other industry, and they will see this tax as another hurdle in getting through the crisis.
The lack of funding for Patients has meant that many clinics have closed down as Patients are refused finance by their banks.

It is thought that the recession has hit the botox and dermal filler market much less. Patients are willing to save for a treatment every six months or so, but the big surgical procedures with price tickets of £ 3000 or more, are harder to finance.
Will the VAT introduction hurt ?. Well, only time will tell at this stage, but one thing that is for sure is that George Osborne can expect a backlash from the cosmetic surgery industry before he can get this one through

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