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An Outline of VAT

In: Tax Guide 2008–2009

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. 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).

Suggested Citation

  • Walter Sinclair & Barry Lipkin, 2008. "An Outline of VAT," Palgrave Macmillan Books, in: Tax Guide 2008–2009, edition 37, chapter 0, pages 338-356, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-58424-2_23
    DOI: 10.1057/9780230584242_23
    as

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