Uber stock rises as UK VAT ‘taxi tax’ takes effect; what investors watch next
Uber shares rose 0.9% to $82.48 Friday after Britain barred London private-hire firms from using a VAT scheme, a move expected to raise £700 million annually. Uber rewrote contracts outside London to shift VAT responsibility to drivers, most of whom fall below the registration threshold, the Guardian reported. Lyft gained 1.6% and DoorDash slipped 1.5% in U.S. trading.