Monday, 24 November 2008

VAT Standard Rate to Be Reduced

During his pre-budget report this afternoon, the Chancellor of the Exchequer, Alistair Darling, announced that the standard rate of VAT will be reduced from 17.5% to 15% from 1st December 2008 to 31st December 2009, and then revert back to 17.5% as of 1st January 2010, as a means of helping to improve the current economic climate. For more information on this change please visit the HRMC website.

In relation to the rest of the pre-budget report; there will be an increase in child benefit from January, pensioners will receive a one-off payment of £60 on top of a £10 Christmas bonus, and duties on petrol, alcohol and tobacco will increase. For more information on the pre-budget report please click here.

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