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Jurisdiction: United Kingdom
Commencement: 1st February 2024
Amends: Value Added Tax Act 1994
Individuals and organisations must pay VAT at prescribed periods. Interest may be charged on the late payment of VAT.
Reduced rate of VAT
A reduced rate of VAT is charged for the products and services listed in Schedule 7A.
Zero-rating
Goods or services may be zero-rated. This means that VAT is not charged for the import or sale of that product or service.
Schedule 8 sets out the list of goods and services that are zero-rated.
Deposit schemes
Operators of deposit schemes under the Environment Act 2021 must pay VAT on unreturned deposits. No VAT will be charged for returned deposits.
Offences
Regulation 72 sets out the list of offences.
Zero-rating
The installation of energy-saving materials* in buildings used for charities is zero-rated until 31st March 2027. This includes the installation of equipment or groundworks necessary to install energy-saving materials.
*Energy-saving materials include:
Reduced rate
From 1st April 2027, a reduced rate of Value Added Tax (VAT) will be charged for the installation of energy-saving materials in buildings used for charities. This includes the installation of equipment or groundworks necessary to install energy-saving materials.
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