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Uk Vat Rate Changes
The Chancellor announced in his Pre-Budget Report that, on the 1st of December, the standard VAT rate will reduce from 17.5% to 15% until the end of next year. For consumers, this means that the providers of any standard rate VAT products and services should charge the new rate of VAT from this date. Only standard-rated sales are affected. There are no changes to sales that are zero-rated or reduced-rated for VAT. Similarly, there are no changes to the VAT exemptions.