March 12th, 2010
I bought something yesterday and was charged 17.5% VATmonday the 1st of december
Monday 1st December (this monday). But some big stores have already reduced it!According to HMRC its Monday 1st December.
http://www.hmrc.gov.uk/pbr2008/measure1....it satrts on monday. and will last for 13 months. can't see the point in it myself as the prices of everything will go weird now.As widely predicted before the Pre-Budget Report, the Chancellor confirmed that the standard rate of VAT is to be cut by 2.5% to 15% - the lowest level allowed under EU law - with effect from 1 December 2008 in a bid to get consumers spending again. The reduction will apply for 13 months, returning to 17.5% from 1 January 2010. The new VAT fraction will be 3/23.Monday 1st December'Gaz' is correct. Monday 1st December but some stores are already reducing VAT on their products.1st december but you might not find prices changing as its producers who pay the VAT and pay in advance so may be awhile before see it affecting prices, also they under no obligation to actually pass on the reduction to consumersIt kicks in on Monday 1st December - however, I've heard we start paying back for that sometime in 2010 or 2011.Interesting question, I heard it was Monday but I'm not sure.#If you have any other info about this subject , Please add it free.# |
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