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An outline of VAT

In: Tax Guide 2001–2002

Author

Listed:
  • Walter Sinclair

Abstract

VAT was introduced into the UK on 1 April 1973 with an original rate of 10 per cent. A rate of 15 per cent replaced the previous 8 per cent standard rate and 12 1/2 per cent higher rate on 18 June 1979. The rate was increased to 17 1/2 per cent from 1 April 1991 (5 per cent now applying in isolated cases). All other countries now in the European Community have introduced a similar tax and the coverage, but not the rates, has been (at least in theory) harmonised. It is beyond the scope of this book to give more than a brief outline of the provisions of VAT.

Suggested Citation

  • Walter Sinclair, 2001. "An outline of VAT," Palgrave Macmillan Books, in: Tax Guide 2001–2002, chapter 23, pages 383-404, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-50544-5_23
    DOI: 10.1057/9780230505445_23
    as

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