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The default VAT rate is the standard rate, 20% since 4 January 2011. Some goods and services are subject to VAT at a reduced rate of 5% (such as domestic fuel) or 0% (such as most food and children's clothing). [3] Others are exempt from VAT or outside the system altogether.
The rate of Purchase Tax at the start of 1973, when it gave way to VAT, was 25%. On 1 January 1973 the UK joined the European Economic Community, and as a consequence Purchase Tax was replaced by Value Added Tax on 1 April 1973. The Conservative Chancellor Anthony Barber set a single VAT rate (10%) on most goods and services.
Business rates is the commonly used name of non-domestic rates, a rate or tax charged to occupiers of non-domestic property. Business rates form part of the funding for local government, and are collected by them, but rather than receipts being retained directly they are pooled centrally and then redistributed. In 2005–06, £19.9 billion was ...
Since October 2003, the standard VAT rate has been 19%, applying to the majority of goods and some services. However certain items have been subjected to additional tax, for instance, alcoholic beverages (between 20.5= – 31.5% for fermented to distilled products), jewellery (15%), pyrotechnic items (50% or more for the first sale or import ...
The VAT rate of 17.5 per cent remained despite an earlier policy of charging a higher poll tax. [clarification needed] Council Tax strongly resembled the rates system of tax that had been in effect prior to the poll tax. The main differences (at the Council Tax's inception) were that properties were placed in bands based on a range of property ...
It is also noted for its introduction of substantial tax cuts, such as reducing the top rate of income tax from 83% to 60% and the basic rate from 33% to 30%. The budget also saw an increase in VAT from 8% to 15%. [1] In his budget speech, Howe told the House of Commons "we cannot go on avoiding difficult choices". [1]
The Value Added Tax Act 1994 was enacted on 30 November 1994, and came into force on 1 January 1995. It replaced the earlier VAT legislation in the UK, which had been in place since 1973. The introduction of the Value Added Tax Act 1994 was necessary to implement the European Union's VAT system in the UK.
The quoted income tax rate is, except where noted, the top rate of tax: most jurisdictions have lower rate of taxes for low levels of income. Some countries also have lower rates of corporation tax for smaller companies. In 1980, the top rates of most European countries were above 60%. Today most European countries have rates below 50%. [1]