Shopify adding tax at checkout, even though we "Include sales tax in product price and shipping"

We just became registered for VAT yesterday and have provided our VAT registration number in Shopify.
We are a UK store selling only within UK.

However, I’ve found Shopify is adding 20% VAT on top of the product price at checkout, even though my store has always used the setting “Include sales tax in product price and shipping rate”.
In fact, I’ve tried turning that setting OFF and it makes no difference. 20% VAT is added at checkout no matter what.

FYI, I am using AirWallex as my payment provider, not Shopify Payments. However, this incorrect tax is added at checkout, even before completing the purchase.

My settings are below. Is there anything I’ve missed???

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OK, I got this resolved with the help of Shopify support, thank goodness.

The incorrect setting was under Markets.

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Thanks for sharing. I was tearing my hair out with the same problem!