UK Retailers - VAT Tax Changes Happen in January 2010
The U.K. VAT (Value Added Tax) changed on January 1, 2010 back to 17.5%. The UK VAT rate had been set at 15% for 2009. Her Majesty’s Revenue and Customs have a page showing the change. This was a temporary reduction made by the Chancellor of the Exchequer, Alastair Darling, after the global recession set in to help spur economic growth. For more information check out Bloomberg. Many UK retailers used the last few weeks of 15% VAT rate to help add extra savings to promotions and discounts.
For more information on VAT and importing into the UK, see our guide – import into the UK.