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Part 1 U.K.Rates etc

Value added taxU.K.

3Rate of value added taxU.K.

(1)In section 2(1) of VATA 1994 (rate of VAT), for “17.5 per cent” substitute “ 20 per cent ”.

(2)In section 21(4) of that Act (restriction on value of imported goods), for “28.58 per cent” substitute “ 25 per cent ”.

(3)The amendment made by subsection (1) has effect in relation to any supply made on or after 4 January 2011 and any acquisition or importation taking place on or after that date.

(4)The amendment made by subsection (2) has effect in relation to goods imported on or after 4 January 2011.

(5)Schedule 2 contains provision for a supplementary charge to value added tax on supplies spanning the date of the VAT change.