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In response to the late-2000s recession, Labour Chancellor Alistair Darling announced in November 2008 that the standard rate of VAT would be reduced from 17.5% to 15% with effect from 1 December 2008. [16] [17] However, in December 2009, Darling announced that the standard rate of VAT would return to 17.5% with effect from 1 January 2010. [18 ...
1 April 1997 to 4 January 2011 - a selective higher rate of 17.5% on certain types of insurance arranged through certain suppliers of other goods and services, in line with VAT From 1 August 1998 - the higher rate was extended to all taxable travel insurance, regardless of the type of supplier
Map of the world showing national-level sales tax / VAT rates as of October 2019. A comparison of tax rates by countries is difficult and somewhat subjective, as tax laws in most countries are extremely complex and the tax burden falls differently on different groups in each country and sub-national unit.
One of the key features of the 1991 budget was an increase in VAT from 15% to 17.5% in order to fund the Community Charge Reduction Scheme. The chancellor also raised a tax on the private use of company mobile phones, which were treated as an employee benefit, but removed the tax from profit related pay, which had previously been taxed at half the rate.
The main rate of VAT will increase from 17.5% to 20% on 4 January 2011. This had been widely predicted before the Budget. [ 4 ] No taxes will be imposed on items that are currently zero-rated (e.g. food, children's clothes).
In the budget of April 1975 the higher rate was extended to a wide range of "luxury" goods. In the budget of April 1976 the 25 per cent higher rate was reduced to 12.5 per cent. On 18 June 1979, the higher rate was scrapped and VAT set at a single rate of 15 per cent.
40% higher income tax rate frozen at £23,700; Personal tax allowances frozen; VAT on domestic fuel to be charged at 8% from April 1994, rising to 17.5% from April 1995; Stamp duty threshold increased; Mortgage relief reduced to 20%; Excise duty on petrol increased by 3%; Duty on packet of 20 cigarettes increased above rate of inflation
The EU VAT asks where supply and consumption occurs, which determines which state collects VAT and at what rate. Each state must comply with EU VAT law, [56] which requires a minimum standard rate of 15% and one or two reduced rates not to be below 5%. Some EU members have a 0% VAT rate on certain items; these states agreed this as part of ...