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.
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© 2013 Fiscal Services Ltd
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Sinclair, W., Lipkin, B. (2013). An outline of VAT. In: Tax Guide 2013–2014. Palgrave Macmillan, London. https://doi.org/10.1057/9781137315298_23
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DOI: https://doi.org/10.1057/9781137315298_23
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-32725-6
Online ISBN: 978-1-137-31529-8
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