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). 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.
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© 2002 Fiscal Services Ltd
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Sinclair, W. (2002). An outline of VAT. In: St. James’s Place Tax Guide 2002–2003. Palgrave Macmillan, London. https://doi.org/10.1057/9780230287716_23
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DOI: https://doi.org/10.1057/9780230287716_23
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-42602-7
Online ISBN: 978-0-230-28771-6
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