An Outline of VAT

Walter Sinclair and Barry Lipkin

Chapter Chapter 23 in Tax Guide 2008–2009, 2008, pp 338-356 from Palgrave Macmillan

Abstract: Abstract VAT was introduced into the UK on 1 April 1973 with an original rate of 10 per cent. A rate of 15 per cent replaced the previous 8 per cent standard rate and 12½ per cent higher rate on 18 June 1979. The rate was increased to 17½ per cent from 1 April 1991 (5 per cent now applying in isolated cases — 23.15). All other countries now in the European Community have introduced a similar tax and the coverage, but not the rates, has been (at least in theory) 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: Accounting Period; Life Assurance; Taxable Supply; Inland Revenue; Band Scale (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-58424-2_23

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DOI: 10.1057/9780230584242_23

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