when did vat change from 17.5 to 20
4 January 2011
title: Taxation in the United Kingdom text: 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 are charged on, amongst other things, motor fuel, alcohol, tobacco, betting and vehicles. 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 title: Taxation in the United Kingdom text: 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 title: Value-added tax in the United Kingdom text: to 5% on sanitary protection products (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). In response to the late-2000s recession, Labour Chancellor Alistair Darling announced in November 2008 that the standard rate of VAT would be reduced from 17.5% to 15% with effect from 1 December 2008. In December 2009, Darling announced that the standard rate of VAT would return to 17.5% with effect from 1 January 2010. In the run up to title: Value-added tax in the United Kingdom text: the 2010 general election there were reports that the Conservatives would raise VAT if they gained power. The party denied the reports. Following the election in May 2010, the Conservatives formed a coalition government with the Liberal Democrats. In the 2010 budget, described by PM David Cameron as an "emergency budget", Chancellor George Osborne announced that the standard rate of VAT would increase from 17.5% to 20% with effect from 4 January 2011. Before the 2015 general election Labour claimed that the Conservatives would raise VAT to 22.5% if they were re-elected and Osborne reputedly refused to deny the claim. title: Value-added tax in the United Kingdom text: April 1973. The Conservative Chancellor Lord Barber set a single VAT rate (10%) on most goods and services. In July 1974, Labour Chancellor Denis Healey reduced the standard rate of VAT from 10% to 8% but introduced a new higher rate of 12.5% for petrol and some luxury goods. In November 1974, Healey doubled the higher rate of VAT to 25%. Healey reduced the higher rate back to 12.5% in April 1976. Conservative Chancellor Geoffrey Howe increased the standard rate of VAT from 8% to 15% and abolished the higher rate in June 1979. The rate remained unchanged until 1991,