- VAT is a major revenue source for the UK, second only to income tax.
- It has evolved from a simple 10 percent levy to a complex system generating significant income.
- Rachel Reeves may consider targeting VAT in the upcoming Budget despite Labour’s pledge not to raise it.
Source: telegraph.co.uk
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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