3Rate of value added tax
This section has no associated Explanatory Notes
(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.