George Osborne property

By closing a tax loophole, the UK’s Chancellor of the Exchequer, George Osborne might end 99p song downloads in his latest budget. Currently, UK consumers have low foreign rates for books, music and apps purchased online, as reported by the Guardian on Sunday.

Rowena Mason reported:

The chancellor will bring in new laws making sure that internet downloads are taxed in the country where they are purchased, meaning web firms such as Amazon and Apple will have to charge the UK’s 20% rate of VAT. At the moment they are allowed to sell digital downloads through countries such as Luxembourg, where the tax rate is as low as 3%.

Sources: Mixmag, The Guardian

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