Submitted on Thursday 11th August 2011
Published on Monday 22nd August 2011
Current status: Closed
Closed: Wednesday 22nd August 2012
Signatures: 22
Tagged with
Zero Rate VAT on Medicines
The Treasury should Zero Rate VAT on all medicines.
Currently all medicines purchased over the counter are subject to 20% VAT. FP-10 Prescriptions are exempt from VAT, as are private prescriptions. However NHS hospitals also have to pay VAT on all their medicines.
Zero Rating would:
- Reduce the cost of self medication, encouraging patients not to use their GP when it is not necessary.
- Reduce administrative burden for community pharmacies (and the Treasury) who have to reclaim VAT.
- Reduce drug costs to NHS Hospitals by 20%, allowing NHS hospitals to compete with independant providers who do not have to pay VAT.
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