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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 ...
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
Inflation was described as being well below the European average, and at its lowest since the 1960s. It was expected to be 2% in 1995. Government plans were announced to set interest rates to keep inflation between 1% and 4%. UK exports were expected to grow by 8% during 1994–95, while investment in plant and machinery would grow by 12%.
The Finance (No. 2) Act 2010 under the Coalition Government reduced the headline rate of Capital Gains Tax to 18%. [7] The act increased the general rate of VAT from 17.5% to 20% (while cutting it for imported goods and materials from 28.58% to 25%). [citation needed]
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.
Stealth taxes might be recognized as taxation but remain largely unnoticed, as with Value Added Tax (VAT) [9] in the UK between 1979 and 1991, during which period it rose from 8% to 15% (compensating for a large reduction in the higher and basic rates of income tax) and then to 17.5% (when the Poll Tax was replaced by a council tax), shifting ...
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 ...
Together with Shadow Chancellor Ed Balls, Miliband also promoted a "five-point plan for jobs and growth" aimed at helping the UK economy, involving extending the bonus tax on banks pioneered by Alistair Darling, bringing forward planned long-term investment to help reduce unemployment, cutting the rate of VAT from 20% back to 17.5%, cutting VAT ...