The government will impose an import levy on vapes under broader plans to cut down on underage vaping and the environmental impact of disposable plastic vape products. Jeremey Hunt revealed today.
In January, Prime Minister Rishi Sunak announced the plans during a school visit on Monday, which form part of the government's broader strategy to create the first "smoke-free generation".
Announced during Chancellor Hunt’s Spring Budget, the specifics of the levy were not disclosed.
Roughly 80% of the cost of cigarettes comprises tax and duties, with non-tobacco nicotine and vaping products currently only being subject to 20% VAT and no import levy.
Supreme, a prominent distributor of the popular Elfbar vapes, rallied 5% to 108p immediately following Hunt’s announcement.