from October that year petrol was taxed at a new higher rate of 25 percent. In the budget of April 1975 the higher rate was extended to a wide range of "luxury" goods. In the budget of April 1976 the 25 percent higher rate was reduced to 12.5 percent. On 18 June 1979, the higher rate was scrapped and VAT set at a single rate of 15 percent. In 1991 this became 17.5 percent, though when domestic fuel and power was added to the scheme in 1994, it was charged at a new, lower rate of 8 percent. In September 1997 this lower rate was reduced to 5 percent and was extended to cover various energy-saving materials (from 1 July 1998), sanitary protection (from 1 January 2001), children's car seats (from 1 April 2001), conversion and renovation of certain residential properties (from 12 May 2001), contraceptives (from 1 July 2006) and smoking cessation products (from 1 July 2007). On 1 December 2008, VAT was reduced to 15 percent, as a reaction to the late-2000s recession, by Chancellor Alistair Darling. On 1 January 2010 VAT returned to 17.5 percent. On 4 January 2011 VAT was raised to 20 percent by Chancellor George Osborne, where it remains. Excise duties Excise duties are charged on, amongst other things, motor fuel, alcohol, tobacco, betting and vehicles. Stamp duty Stamp duty is charged on the transfer of shares and certain securities at a rate of 0.5 percent. Modernised versions of stamp duty, stamp duty land tax and stamp duty reserve tax, are charged respectively on the transfer of real property and shares and securities, at rates of up to 4 percent and 0.5 percent respectively. Motoring taxation Motoring taxes include: fuel duty (which itself also attracts VAT), and Vehicle Excise Duty. Other fees and charges include the London congestion charge, various statutory fees including that for the compulsory vehicle test and that for vehicle registration, and in some areas on-street parking (as well as associated charges for violations). Business taxes Corporate Tax Corporation tax is a tax levied in the United Kingdom on the profits made by companies and on the profits of permanent establishments of non-UK resident companies and associations that trade in the EU. Corporation tax forms the fourth-largest source of government revenue (after income, NIC, and VAT). Prior to the tax's enactment on 1 April 1965, companies and individuals paid the same