An outline of VAT

Walter Sinclair

Chapter 23 in St. James’s Place Tax Guide 2002–2003, 2002, pp 385-407 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). 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.

Keywords: Life Assurance; Taxable Supply; Credit Mechanism; Rate Farmer; Business Supply (search for similar items in EconPapers)
Date: 2002
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DOI: 10.1057/9780230287716_23

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