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<p>VAT has been designed as a broad-based tax on consumption, and the twenty per cent
standard rate applies to the majority of goods and services. While there are exceptions
to the standard rate, these have always been strictly limited by both legal and fiscal
considerations; one exception being certain supplies of education, which are generally
exempt from VAT when certain conditions are met.</p><p> </p><p>VAT is the UK’s third
largest tax forecast to raise £161 billion in 2022/23, helping to fund key spending
priorities such as important public services, including the NHS, education and defence.
Nevertheless, the Government keeps all taxes under review.</p>
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