Alongside the extension to 30 September 2021 of the temporary 5% reduced rate of VAT for supplies in the hospitality and accommodation sectors, the Budget announced a new 12.5% VAT rate which will apply from 1 October 2021 until 31 March 2022. Revenue & Customs Brief 2/2021 explains the measure and notes that further guidance on the operation of the new rate will be published around 1 October.
Alongside the extension to 30 September 2021 of the temporary 5% reduced rate of VAT for supplies in the hospitality and accommodation sectors, the Budget announced a new 12.5% VAT rate which will apply from 1 October 2021 until 31 March 2022. Revenue & Customs Brief 2/2021 explains the measure and notes that further guidance on the operation of the new rate will be published around 1 October.
