Chancellor George Osborne's first Budget has introduced an increase in VAT, a disappointing reduction in capital allowances and a welcome decrease in corporation tax.
Included in the measures is an increase in VAT from 17.5% to 20%, from 4 January 2011. The rise, due to come into force next January, will generate more than £13bn a year by the end of this parliament. Zero-rated items – including food and children’s clothes – will remain exempt from VAT over the…
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