TaxCorporate TaxVAT rise permanent, says chancellor

VAT rise permanent, says chancellor

George Osborne suggests VAT increase to 20% could be a permanent feature of the UK's tax regime

THE VAT RISE to 20% will be permanent, according to chancellor George Osborne.

Speaking to the Spectator, Osborne said that was a “structural change” to the tax system to help deal with the deficit.

The 50p tax rate on income above £150,000 was a temporary measure, he confirmed.

Osborne also suggested that lower taxation could become a policy after stability was brought to public finances.

“Once we can bring some stability to the public finances, we can look at reducing the tax burden on people.”

 

Related Articles

'Innocent' companies will be hit by tough HMRC anti-fraud powers

Corporate Tax 'Innocent' companies will be hit by tough HMRC anti-fraud powers

1y Stephanie Wix, Writer
Building company director banned for 7 years for VAT under-declaration

Corporate Tax Building company director banned for 7 years for VAT under-declaration

1y Richard Crump, Writer
Berkshire motor business VAT fraudsters sentenced

Corporate Tax Berkshire motor business VAT fraudsters sentenced

1y Richard Crump, Writer
The growth and challenges of digital sales taxes globally

Corporate Tax The growth and challenges of digital sales taxes globally

1y Editorial comment
CIoT urges government to rethink VAT approach to online traders

Corporate Tax CIoT urges government to rethink VAT approach to online traders

1y Richard Crump, Writer
UK votes to leave EU – accountancy profession reacts

Accounting Firms UK votes to leave EU – accountancy profession reacts

1y Fraser Simpson, Reporter
HMRC calls for extra time in Spot the Ball legal battle

Corporate Tax HMRC calls for extra time in Spot the Ball legal battle

2y Fraser Simpson, Reporter
Bishop Fleming launches new cloud accounting product

Accounting Firms Bishop Fleming launches new cloud accounting product

2y Richard Crump, Writer