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An Outline of Vat

In: St. James’s Place Wealth Management Tax Guide 2011–2012

Author

Listed:
  • Walter Sinclair
  • Barry Lipkin

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.

Suggested Citation

  • Walter Sinclair & Barry Lipkin, 2011. "An Outline of Vat," Palgrave Macmillan Books, in: St. James’s Place Wealth Management Tax Guide 2011–2012, chapter 0, pages 358-378, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-31404-7_23
    DOI: 10.1057/9780230314047_23
    as

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