Value
Added Tax
Standard Rate: 17.5%
Registration level: from 1.4.00 - £52,000
Deregistration level: £50,000
Other VAT charges
- From 21 March 2000,
overseas businesses will no longer be able to dispose of their assets VAT-free,
where they have previously been allowed to recover VAT on the purchase of
those assets.
- From 1 April 2000,
a new reduced VAT rate of 5% will be introduced for the installation of
energy-saving materials in all homes. The reduced rate does not apply to
purchases for DIY installation.
- From 6 April 2000,
the scales used to charge VAT on fuel used for private motoring in business
cars will be increased.
- The VAT rate of advertising
by charities has been broadened. There will be a new exemption allowing
charities to engage in small-scale trading activities without the need to
set up a subsidiary company. There has also been an extension in the Budget
to the VAT exemption for fundraising events.
March 2000 Subject to
Finance Act 2000
