SPEED READ In this Budget, there really was no devil in the detail. The only new measures were the expected rises in the VAT and IPT rates, as follows: increase in the standard rate of VAT to 20% from 4 January 2011; increase in higher rate of IPT to 20%; and increase in standard rate of IPT from 1% to 6%. The impact on charities will be substantial, as well as any other business or organisation that cannot recover all the VAT it incurs on costs. Anti-forestalling legislation will prevent prepayments from being subject to 17.5% VAT in certain circumstances where the goods and services will be provided after 4 January 2011.
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