VAT Rate Change

Standard Vat Rates On All Goods 'could Cut Other Taxes By £11bn'.

If a VAT rate change was made so that all items, including food and children's clothing were the standard 17.5%, it would raise enough revenue to increase benefits for poorer families and cut other taxes by over £11bn, a leading economic think tank says today. The pre vat rate change 17.5% duty is around the average for industrial countries but Britain applies zero rates more extensively than most other countries, according to the Institute for Fiscal Studies. Residential housing, childre