An Outline of Vat

Walter Sinclair and Barry Lipkin

Chapter Chapter 23 in St. James’s Place Wealth Management Tax Guide 2011–2012, 2011, pp 358-378 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 121⁄2 per cent higher rates. This rate was increased to 171⁄2 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 171⁄2 per cent on 1 January 2010. To combat abuse of the temporary reduction, a supplementary charge of 21⁄2 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: Annual Turnover; Accounting Period; Life Assurance; Taxable Supply; Credit Mechanism (search for similar items in EconPapers)
Date: 2011
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-31404-7_23

Ordering information: This item can be ordered from
http://www.palgrave.com/9780230314047

DOI: 10.1057/9780230314047_23

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().