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An outline of VAT

In: Tax Guide 2013–2014

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 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 pre-payments occurred.

Suggested Citation

  • Walter Sinclair & Barry Lipkin, 2013. "An outline of VAT," Palgrave Macmillan Books, in: Tax Guide 2013–2014, chapter 0, pages 373-394, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-31529-8_23
    DOI: 10.1057/9781137315298_23
    as

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