the vat rate changed from 17.5 to 20 in july 2017.
the vat rate changed from 17.5 to 20 in july 2017.
when did the vat rate change from 17.5 to 20?
july 2017
vat is levied on most goods and services provided by registered businesses in the uk and some goods and services imported from outside the european union. there are complex regulations for goods and services imported from "within" the eu. 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). others are exempt from vat or outside the system altogether.
value-added tax in the united kingdom
under eu rules, there can only be two reduced vat rates from the general minimum vat of 15% (both of which have to be above a minimum of 5%). as of 2008, there were reduced vat rates of 12% for yard sale wine and 10% for food, rent, books, works of art and flowers; should the vat on food be reduced to 5%, the reduced vat on yard sale wine would either have to be abolished or reduced further to 10%, according to some; however, a reduction to 10% is impossible as the minimum vat for yard sale wine is 12%, which is itself an exemption from the general rule banning vat reductions for alcoholic beverages. the spö argued that the reduced vat rate for yard sale wine was a special exemption agreed upon in the act of accession and did therefore not qualify as the second reduced vat rate; the övp-led finance ministry claimed that this exemption had been converted into austria's official second reduced vat rate since the accession, and this was confirmed on 8 september 2008 by the spokeswoman of the european commission.
campaigning in the 2008 austrian legislative election