Market leading insight for tax experts
View online issue

Emergency Budget: Indirect taxes

Speed read

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.

If you are not a subscriber, subscribe now to read this content.
If you are already a subscriber, sign in
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this article in full.