- From early 2024, the zero rate of VAT will be applied to reusable period underwear and a wider range of energy-saving materials.
- The Chancellor announced the extension of two VAT zero rates at the Autumn Statement 2023. The zero rate for women’s sanitary products has been extended to reusable period underwear, but it remains to be seen how this will be defined in legislation. Retailers must decide whether to pass the VAT saving onto customers for it to have an impact on pricing.
- The zero rate for the installation of energy-saving materials will be extended to include additional technologies and installations in buildings used for charitable purposes from February 2024. More details on the reforms will be published in a summary of responses to the consultation that concluded in May 2023.
Source ICAEW
Latest Posts in "United Kingdom"
- 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
- ICS2 Implementation for Northern Ireland: Transition Details and Support for Carriers by HMRC
