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The Downs and Ups of VAT

 
Daniel Lyons Partner Indirect Taxes at Deloitte outlines the VAT rate change proposal in the Pre-Budget Report 2008
 
It is not very often that VAT is the top story in a Pre-Budget Report let alone makes headlines for days afterwards but then it is not very often that you get a change to the standard rate of VAT. The last change from 15% to 17.5% took effect on 1 April 1991 so I would hazard (with apologies to my older colleagues) that most current VAT practitioners have only ever known the one standard rate of 17.5%. What is of course even more remarkable is that the change is actually a decrease in the standard rate (albeit only a temporary one). The last such reduction took place almost 30...

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