Emergency Budget: VAT to rise

John_Pierpoint

Explanation of "KSF":

http://www.ksfiomdepositors.org/news-item/ksf-iom-depositors-confused-bemused-and-not-amused-soa-%E2%80%98road-show%E2%80%99

jimbms

John_Pierpoint wrote: »

Explanation of "KSF":

http://www.ksfiomdepositors.org/news-item/ksf-iom-depositors-confused-bemused-and-not-amused-soa-%E2%80%98road-show%E2%80%99

Most seems to be there but you could have picked a more acurate and factual one than the one bias one put together by the KSF investors group. even Seth Cain is at the moment using legal action to get them to remove 27 inaccuracies from that report.

John_Pierpoint

Google made that one top of the list:D

Oscar1820

JasonLVC wrote: »

Please don't worry - gas/electric are reduced rate of VAT supplies which is 5% and is not going up in this budget. The government cannot treat gas/electric as standard rated (20%) supplies as the EU law prohibits it....it'll always be reduced rated.

AFAIK the Government CAN increase the VAT on fuel. The last Conservative Government wanted to implement the second stage of their increase from 8% to 15% as I think it was then.

Labour came to power in 1997 and wanted to abolish VAT on fuel, but, apparantly, EU rules do not allow for this, so they reduced it to 5%, the lowest that they were allowed to, which has remained unchanged ever since.

Businesses have to pay the standard rate of VAT so will see an increase.

When VAT was first levied on fuel, I beat the levy for some time by paying for my domestic gas/electricity in advance.

Does anybody know if the same tactic can be used to beat the 2.5% increase?