UK plans to make online marketplaces collect retailers' VAT in first budget

Britain is reportedly preparing to require online marketplaces such as Amazon and eBay to collect VAT at source from retailers, funding cuts to high street business rates.

• Healey is expected to announce that marketplaces will collect VAT at point of sale from sellers with annual turnover above £90,000.
• Amazon welcomed the proposal, estimating it could raise about £700 million for the Treasury.
• The Treasury declined to comment, saying tax decisions are announced at fiscal events.
• Healey will present his first budget on 28 October, his first since taking office in July.