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UK VAT is reduced to 15% on 1 December 2008 |
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| 9/12/2008 |
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| On 24 November 2008, UK Chancellor announced that the standard rate of VAT will be reduced to 15% on 1 December 2008. This means that for any sales of standard-rated goods or services that take place on or after 1 December 2008 providers should charge VAT at the new rate of 15%. Only standard-rated sales are affected. There are no changes to sales that are zero-rated or reduced-rated for VAT. Similarly, there are no changes to the VAT exemptions. The 15% rate will remain until 31st December 2009, and from 1 January 2010 it will revert to 17.5%. |
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