VAT revisions
13 September 2012
A simple tax explained
VAT was introduced on 1 April 1973. It was heralded as a simple tax during the debate on the Finance Act 1972, which placed it on the statute book. Since then, VAT law has been constantly revised. And, in practice, it is not simple - cases vary depending on whether they are in the private sector, local authorities or central government.
The private-sector rules...