Big tobacco firms Imperial and BAT fall on vape tax news

Shares in tobacco giants British American Tobacco PLC (LSE:BATS) and Imperial Brands PLC (LSE:IMB) fell on news that vaping and cigarettes could be hit with new taxes in the UK. Prime minister Rishi Sunak and chancellor Jeremy Hunt are mulling introducing a new tax on vapes at next Wednesday's Budget, according to media reports. Currently vaping products are subject to VAT but not the same levy as is applied to cigarettes. Tobacco duty could also increase at the Budget, to ensure that vaping remains cheaper ...