More discounts on the high street
M&S is holding a second discount day this Thursday 4 December with 20% off all clothing and home goods and selected wines.
This is the second time in two weeks the high street giant has slashed prices in order to tempt cash-strapped shoppers through its doors. On 20 November it offered 25% off everything, excluding food.
This time round the discount is a little less generous but M&S says it will ensure many of its stores open early and extend their opening hours until midnight to give as many customers as possible the opportunity to take advantage of the savings.
The 20% off is on top of the recent reduction in VAT and is available in-store and online.
Rival fashion and homeware retailer Debenhams is also holding a second discount day this week. For three days from today (Wednesday 3 December) it is offering 20% off “thousands of lines” including gifts and womenswear.
There is also 10% off perfume and beauty products.
Invented by a Frenchman in 1954 and ironically introduced in the UK on 1 April 1973, VAT is an indirect tax levied on the value added in the production of goods and services, from primary production to final consumption and is paid by the buyer. Its levying is complex, with a number of exemptions and exclusions. For example, in the UK, VAT is payable on chocolate-covered biscuits, but not on chocolate-covered cakes and the non-VAT status of McVitie’s Jaffa Cakes was challenged in a UK court case to determine whether Jaffa Cake was a cake or a biscuit. The judge ruled that the Jaffa Cake is a cake, McVitie’s won the case and VAT is not paid on Jaffa Cakes in the UK.