An Outline of VAT

Walter Sinclair and Barry Lipkin

Chapter Chapter 23 in St. James’s Place Wealth Management Tax Guide 2010–2011, 2010, pp 351-371 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 reverting to 17½ per cent on 1 January 2010. To combat abuse of the temporary reduction, a supplementary charge of 2½ per cent applied 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 occurred.

Keywords: Supplementary; Charge (search for similar items in EconPapers)
Date: 2010
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DOI: 10.1057/9780230301801_23

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