The cost of vaping will rise by nearly £300 a year when a new tax law comes in

Vaping Products Duty will tax e-liquid at a flat rate of 22p per millilitre - or £2.20 per 10ml - plus 20 per cent VAT. The price of a 10ml bottle will rise by at least £2.64 - with the Exchequer pocketing the lot.

Assuming a vaper uses two 10ml bottles of e-liquid each week, the tax would increase their spending by around £275 a year, equivalent to £5.28 a week. This means if these rates remain in place they can expect to spend £8,220 more over a 30-year period than they would have prior to the rise in taxes.

To help vape users understand how much the upcoming tax could add to their annual bill, Vapekit, has created a calculator tool. Vapers can enter how much they currently spend on liquid each week to see how their costs could change after the tax comes into effect.

HMRC has estimated 5.1 million people will be affected by the duty, while the Office for Budget Responsibility forecasts it raising £600 million a year by 2030/31.

A typical 10ml bottle of e-liquid, which currently costs roughly £2.50 to £3, is expected to rise to more than £5 after the tax is introduced.

Research of 1,000 adults who vape found 62 per cent are concerned about the upcoming tax affecting their finances, with 68 per cent already feeling the strain of everyday rising costs.

Worryingly, 48 per cent said they would consider buying vape products from the black market if they were cheaper.

Guy Lawler, managing director of Vapekit, said: “Most vapers we surveyed had not even heard about the new vape tax coming in October. People need to know how it will affect them, which is why we built the calculator.

“With the changes now just weeks away, affordability is becoming a real consideration for vapers across the UK.”

The research also found 72 per cent of those questioned vape every single day, having done so for an average of just over three years, with 71 per cent admitting the near-doubling of e-liquid prices would have a huge or moderate impact on their finances.

Currently those polled typically spend £15.25 per week on vaping products – including e-liquids, vape pods and refillable vape kits – which works out to be around £793 a year. This means the tax would increase their annual spend to £1,067 if they were to use two 10ml bottles of e-liquid each week.

Many aren’t ready for the financial implications, with less than half (47 per cent) of participants knowing about the incoming tax before taking the survey.

As such, 56 per cent thought not enough has been done to make vapers aware of the tax, while 79 per cent said the government needs to do better in explaining how much this will increase vapers’ costs by.

With vapers set to cut back on eating out (36 per cent), alcohol (26 per cent) and shopping (26 per cent) to adjust to the new ruling, according to the OnePoll.com figures.

Guy Lawler added: “A recent review by the Cochrane Library, which specialises in reviewing medical research, looked at 80 studies into quitting smoking and found nicotine vapes work better than patches or gum.

“The charity Action on Smoking and Health says two and a half million people have used a vape to stop smoking in the last five years alone. Now this tax will make the most effective way of quitting far more expensive.”