The UK Chancellor of the Exchequer, Alistair Darling, introduced a temporary lower rate of VAT in last year’s pre budget report.
There was some speculation that he might have extended this reduction beyond the original term. However, in today’s pre-budget report statement to the House of Commons, he said:
I can confirm that VAT will return to 17.5 per cent on January 1 as planned.
Mr Speaker, I have no other changes in VAT to announce.
Further Information
- Practical Details for Business Owners Regarding VAT Change from 17.5% to 15% - for further details on the change.
- Tips on calculations: Adding 17.5% VAT to a price | Taking-off 17.5% from a price
- Do I need to charge VAT?
