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World

After 50 years: where next for VAT?

1 April 2023

7:26 PM

1 April 2023

7:26 PM

What is the appropriate act to mark the fiftieth anniversary of Value Added Tax in the UK? Are we celebrating? Surely not. Are we mourning? If only. But we should at least pause and reflect on the central role that VAT has played in our recent economic history.

The third largest source of tax revenue, forecast to deliver over £160 billion to the Exchequer this year, VAT has always been a cash-cow, but never without complaint.

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