Pre-Budget Report 2008 - VAT Rate Changes
In his Pre-Budget Report on 24 November 2008 the
Chancellor announced that the standard rate of VAT
will be reduced to 15% on 1 December 2008.
The 15% VAT rate will remain until 31st December
2009, and
from 1 January 2010 it will revert back to
17.5%.
The Government proposes to introduce
anti-forestalling legislation in Finance Bill 2009
to ensure that businesses are not able to use
artificial arrangements to reduce the VAT rate on
goods or services to be provided after the rate
reverts to 17.5% where there is no current economic
activity.
We have provided a range of information which
covers straightforward and technical issues for
businesses, and also likely questions from
consumers.
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