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VAT Focus – Imminent Rise in the VAT Rates?

Speed Read: A senior member of HM Customs & Excise once commented to the writer that a VAT rate increase only occurs at the start of a new Parliament. History appears to confirm this but it also indicates that a change of governing party is necessary too. Given the current level of the UK's economic deficit and the UK VAT rate being historically below Germany's this article postulates a post-election VAT rise even without a change of governing party and predicts a 2.5% increase to 20% in the standard rate and a possible new reduced rate of 8%.
1 January 2010 saw VAT rise by 2.5% to 17.5%. For some businesses the change was a repeat of the nightmare 13 months previously when the rate went down; for others it was a...

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