Introduction to change in standard rate

Special rules apply for supplies that take place around the time of a change in the standard rate of VAT (VATA 1994, s. 88).

A change in the standard rate does not affect:

1zero-rated supplies, such as basic foodstuffs, children’s clothing and books;

2exempt supplies, such as education and health; and

3supplies subject to the reduced rate of 5%, e.g. domestic fuel and power.

Rise in standard rate to 20% from 17.5% from 4 January 2011

The standard rate of VAT rose to 20% from 17.5% from 4 January 2011 (VATA 1994, s. 2 as amended by F(No. 2)A 2010, s. 3).

Need help? Get subscribed!

To subscribe to this content, simply call 0800 231 5199

We can create a package that’s catered to your individual needs.

Or book a demo to see this product in action.