 An Outline of VATWalter Sinclair and Barry Lipkin Chapter Chapter 23 in St. James’s Place Wealth Management Tax Guide 2009–2010, 2009, pp 341-361 from Palgrave Macmillan Abstract: Abstract VAT was introduced into the UK on 1 April 1973 with an original rate of 10 per cent. On 18 June 1979 a single rate of 15 per cent replaced the then 8 per cent standard and 12½ per cent higher rates. This rate was increased to 17½ per cent from 1 April 1991 (5 per cent now applying in isolated cases — 23.15). As a temporary measure, the standard rate was reduced to 15 per cent from 1 December 2008 but is due to revert to 17½ per cent on 1 January 2010. To combat abuse of the temporary reduction, a supplementary charge of 2½ per cent applies from 25 November 2008 to specified cases of supply to customers who cannot recover all the VAT or from 1 April 2009 where abnormal prepayments in excess of £100,000 occur. All other countries now in the European Community have introduced a similar tax and the coverage, but not the rates, has (at least in theory) been harmonised. It is beyond the scope of this book to give more than a brief outline of the provisions of VAT. VAT is under the control and management of HM Customs and Excise, now to be known as HM Revenue and Customs (HMRC) following its merger on 18 April 2005 with the Inland Revenue (CRCA 2005). Keywords: Inland; Revenue (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-24512-9_23 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in Palgrave Macmillan Books from Palgrave Macmillan |
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