8% vat?

[mrs.chappie]

Am I right in thinking that VAT used to be only 8%? And did it jump to a massive 17.5% in one go?

This seems like one heck of a jump, so perhaps I am wrong. Can anyone confirm?

TIA. x

[dzug]

I too am having difficulty in remembering, but ISTR that it coincided with a big drop in income tax.

It was certainly 15% for a while before it became 17.5% so it was at least two goes.

[mrs.chappie]

Thanks dzug.

[David Black]

It was introduced by the Heath government at 10%, droppped to 8% by Wilson I think. Then raised to 15% by Thatcher with Norman Lamont raising it to 17.5% after the Poll tax.

Absolutely daft messing about with it now.

Brown is a fraud who is running up a huge deficit and is turning into a George Bush fiscal crook by cutting taxes in a period with run away government deficits.

Rant over!

[mrs.chappie]

Hey, thank you very much for that info, David Black.