Tax when you Spend
Updated Budget 2007
| Value Added Tax (VAT) | 2002-2003 | 2003-2004 | 2004-2005 | 2005-2006 | 2006-2007 | 2007-2008 |
|---|---|---|---|---|---|---|
| Standard rate VAT | 17.50% | 17.50% | 17.50% | 17.50% | 17.50% | 17.50% |
| Domestic Fuel and Power Rate | 5% | 5% | 5% | 5% | 5% | 5% |
| Special Rate for Home Energy-saving products | 5% | 5% | 5% | 5% | 5% | 5% |
| Business registration at | £55,000 | £56,000 | £58,000 | £60,000 | £61,000 | £64,000 |
| Women's Sanitary Products | 5% | 5% | 5% | 5% | 5% | 5% |
| Contraceptive Products* | 17.50% | 17.50% | 17.50% | 17.50% | 17.50% | 5% |
| Smoking Cessation Products** | 17.50% | 17.50% | 17.50% | 17.50% | 17.50% | 5% |
* Contraceptives obtained on prescription are zero-rated. The reduced rate, introduced in Budget 2006, applies to all other contraceptive products.
** Products obtained on prescription are zero-rated. The reduced rate, introduced in Budget 2007, applies to non-prescribed sales of products with a primary purpose of helping people to quit smoking.
Treating Customers Fairly
Dictionary
- Fee Based Independent Financial Advisors IFAs
- Approved Pension Schemes
- Taxation of Dividend Income
- Non-Contributory Pension
- State Earning Related Pension Scheme SERPS
- Funded unapproved pension schemes FURBS
- Personal Allowance
- Pay-As-You-Earn PAYE
- Consumer Price Index CPI
- Market maker