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Value Added Tax Act 1994

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Changes and effects yet to be applied to Section 2:

  • s. 2(1)(b) omitted by 2018 c. 22 Sch. 8 para. 3(a) (See S.I. 2019/105, S.I. 2020/1495, reg. 21, S.I. 2020/1545, Pt. 4 and 2020 c. 26, Sch. 2 para. 7(7)-(9))
  • s. 2(1)(c) words omitted by 2018 c. 22 Sch. 8 para. 3(b) (See S.I. 2019/105, S.I. 2020/1495, reg. 21, S.I. 2020/1545, Pt. 4 and 2020 c. 26, Sch. 2 para. 7(7)-(9))

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Whole provisions yet to be inserted into this Act (including any effects on those provisions):

2 Rate of VAT.U.K.

(1)Subject to the following provisions [F1and to the provisions of section 29A] of this section F2. . ., VAT shall be charged at the rate of [F320 per cent] and shall be charged—

(a)on the supply of goods or services, by reference to the value of the supply as determined under this Act; and

(b)on the acquisition of goods from another member State, by reference to the value of the acquisition as determined under this Act; and

(c)on the importation of goods from a place outside the member States, by reference to the value of the goods as determined under this Act.

F4(1A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F4(1B). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F5(1C). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2)The Treasury may by order increase or decrease the rate of VAT for the time being in force [F6under this section] by such percentage thereof not exceeding 25 per cent. as may be specified in the order, but any such order [F7that has not previously expired or been revoked] shall cease to be in force at the expiration of a period of one year from the date on which it takes effect, unless continued in force by a further order under this subsection.

(3)In relation to an order made under subsection (2) above to continue, vary or replace a previous order, the reference in that subsection to the rate for the time being in force [F6under this section] is a reference to the rate which would be in force if no order under that subsection had been made.

Textual Amendments

F1Words in s. 2(1) inserted (11.5.2001 with effect as mentioned in s. 99(7)(a) of the amending Act) by 2001 c. 9, s. 99(2)

F2Words in s. 2(1) omitted (1.5.1995 with application as mentioned in s. 21(6) of the amending Act) by virtue of 1995 c. 4, s. 21(2)

F3Words in s. 2(1) substituted (27.7.2010) by Finance (No. 2) Act 2010 (c. 31), s. 3(1)

F4S. 2(1A)(1B) repealed (11.5.2001 with effect as mentioned in s. 99(7) of the amending Act) by 2001 c. 9, ss. 99(3), 110, Sch. 33 Pt. 3(1) Note 2

F5S. 2(1C) repealed (1.11.2001) by 2001 c. 9, ss. 99(3), 110, Sch. 33 Pt. 3(1) Note 1

F6Words in s. 2(2)(3) inserted (11.5.2001 with effect as mentioned in s. 99(9)(a) of the amending Act) by 2001 c. 9, s. 99, Sch. 31 para. 2

F7Words in s. 2(2) inserted (with effect in accordance with Sch. 3 para. 11 of the amending Act) by Finance Act 2009 (c. 10), Sch. 3 para. 25(2)

Modifications etc. (not altering text)

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