In yesterday’s annual Budget, the UK Chancellor confirmed ongoing work to review the current VAT exemption for financial services.
In addition to Value Added Tax, this will cover Insurance Premium Taxes which the UK is now free to incorporate into VAT. There are 2 rates of IPT: a standard rate of 12% and a higher rate of 20% on travel insurance, electrical appliance insurance and some vehicle insurance.
Source: vatcalc.com
Latest Posts in "United Kingdom"
- The UK Should Lower or Abolish, Not Raise, Its VAT Registration Threshold
- UK Should Lower or Abolish VAT Threshold to Boost Small Business Growth and Efficiency
- Lowering VAT Threshold Risks Breaching Labour’s Manifesto, Warns Self-Employed Association
- UK VAT Threshold Debate: Growth-Boosting Increase or Revenue-Raising Decrease at Autumn Budget?
- Chancellor Proposes Raising VAT Registration Threshold to £100,000 to Boost UK Economy
