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Perhaps they're worried about the shitload of inflation they've unleashed and think this will help hide some of it for a while.

Funny old tax, VAT. I'd have thought it would make more sense to be far more targeted than a (pretty much) constant %age. Back in the olden days we had different %age purchase tax for differ

Yes, I think it has gone too high, and is a regressive tax.

Funny old tax, VAT.

I'd have thought it would make more sense to be far more targeted than a (pretty much) constant %age.

Back in the olden days we had different %age purchase tax for different types of stuff.  Eg, car spare parts were lower rated than new cars -- that sounds smart to me, as it is better (environment, employment) to repair stuff rather than replace.

[hence why 'kit cars' exist -- it was cheaper to buy the bits separately, even if they were all new and from the same factory].

The other funny thing about VAT is that reducing VAT isn't as bad for the government coffers as you'd imagine -- all money gets spent eventually.

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Wow.

Saudi jacked up its VAT massively so it seems counterproductive to go the other way.

I make that roughly £40bn of tax revenue lost by dropping from 20% to 15%.

Only money though innit Rishi?

Though this backs my theory about how the Conservatives have entirely abandoned fiscal prudence because all that does is to create a money store for Labour to promise to spend; they have essentially been financing Labour election victories for the last seventy years.

Now they are equally going to spend it to buy votes which spikes Labour's guns as they can't promise to spend what has already been spent.

Whee!!!!!!

(Start seriously thinking about buying a house, foreign equities and gold)

 

Chart_2.jpg

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1 minute ago, Frank Hovis said:

Wow.

Saudi jacked up its VAT massively so it seems counterproductive to go the other way.

I make that roughly £40bn of tax revenue lost by dropping from 20% to 15%.

Only money though innit Rishi?

Though this backs my theory about how the Conservatives have entirely abandoned fiscal prudence because all that does is to create a money store for Labour to promise to spend; they have essentially been financing Labour election victories for the last seventy years.

Now they are equally going to spend it to buy votes which spikes Labour's guns as they can't promise to spend what has already been spent.

Whee!!!!!!

(Start seriously thinking about buying a house, foreign equities and gold)

 

Chart_2.jpg

They could actually make it up by taxing the big globalist corporations.  

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1 minute ago, TheBlueCat said:

I have a vague recollection that the EU has to approve VAT rate reductions for member states. I’m assuming that means this won’t happen until Jan 1 2021 at the earliest.

No idea on that one. Denmark seems to have large VAT.

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1 minute ago, TheBlueCat said:

I have a vague recollection that the EU has to approve VAT rate reductions for member states. I’m assuming that means this won’t happen until Jan 1 2021 at the earliest.

I thought we'd formally left.

That's not a trite comment; I genuinely thought we were out but with a mutually agreed transition period ongoing for the remainder of the year.

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Just now, Frank Hovis said:

I thought we'd formally left.

That's not a trite comment; I genuinely thought we were out but with a mutually agreed transition period ongoing for the remainder of the year.

Yes, we’ve “left” but are subject to all the same EU rules as before during the transition period. 

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12 minutes ago, Frank Hovis said:

Wow.

Saudi jacked up its VAT massively so it seems counterproductive to go the other way.

I make that roughly £40bn of tax revenue lost by dropping from 20% to 15%.

 

That's a simple 'given an equal number of transactions that's the money that won't be taken'.

But in reality the 'saved money' will still be spent.  If it is spent in the UK then it'll just make velocity higher.  I'd guess that each 1% reduction in VAT would reduce cash for the exchequer by less than 0.25%.  It could even result in rising income for the exchequer (ie it depends on where we are on the Laffer curve) (I'd accept, though, that an actual gain from 20% to 15% is very unlikely).

I suppose the 'problem' is VAT on stuff bought from overseas.  But even then, a large slice of the transaction stays in the UK (wages, profits, etc).

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Posted (edited)
9 minutes ago, TheBlueCat said:

I have a vague recollection that the EU has to approve VAT rate reductions for member states. I’m assuming that means this won’t happen until Jan 1 2021 at the earliest.

8  days and we can do what we want there be no turning back then unless team blue repeals a law and IMO it`s a fuck you to the EU and their level playing field bullshit 

Edited by Long time lurking
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1 minute ago, Malthus said:

It was 15% when I started working

I’d have thought it would be fairly neutral if it boost volume and as a bonus would piss the EU off 

Oh crikey. It used to be 8%

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2 minutes ago, Rare Bear said:

Years ago I was told that the government of a country within the EU could not reduce vat rates without the permission of the EU.

We are leaving and this is how you negotiate 

i`m pretty sure the EU knew this was coming a few days ago ,the give away was when France said the UK would collapse without accesses to the EU recovery fund that is being planed 

You know the one that they are still arguing about that will be available to those that the 27 agree to it being available to when they stopped arguing at least they have given themselves some time to work it out as it`s will be available in 2023xD

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