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27 Nov 2008
The government considered lifting VAT to an unprecedented 18.5%, an inadvertent publication of an early version of the pre-Budget report documents has revealed.
Chancellor Alistair Darling decided only at the last minute to scrap plans for the VAT hike in 2011-12, the Financial Times reports.
HM Treasury insisted last night the VAT rise, which would have generated £5bn a year, was dropped by Darling in favour of a five basis point rise in national insurance contributions and a new 45% income tax rate on high incomes.
A Treasury official said the two measures together would raise about £5bn a year and there was no hole in the government’s forecasts for future revenue.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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