Section 2 Rate of VAT
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(1) Subject to the following provisions of this section ...1 [and to the provisions of section 29A]2, VAT shall be charged at the rate of 17.5 per cent and shall be charged—
(a) on the supply of goods or services, by reference to the value of the supply as determined under this Act; and
(b) on the acquisition of goods from another member State, by reference to the value of the acquisition as determined under this Act; and
(c) on the importation of goods from a place outside the member States, by reference to the value of the goods as determined under this Act.
Amendments
1 Omitted by Finance Act 1995 section 21(2) in relation to any supply made on or after 1 April 1995 and any acquisition or importation taking place on or after that date.
2 Inserted by Finance Act 2001 section 99(2) in relation to any supply made and any acquisition or importation taking place on or after 1 November 2001.
(1A) ...
Amendments
Subs (1A) repealed by Finance 2001 sections 99(3) and 110 and Schedule 33 Part 3(1) in relation to supplies made and acquisitions and importations taking place on or after 1 November 2001.
(1B) ...
Amendments
Subs (1B) repealed by Finance 2001 sections 99(3) and 110 and Schedule 33 Part 3(1) in relation to supplies made and acquisitions and importations taking place on or after 1 November 2001.
(1C) ...
Amendments
Subs (1C) repealed by Finance Act 2001 sections 99(3) and 110 and Schedule 33 Part 3(1) in relation to supplies made and acquisitions and importations taking place on or after 1 November 2001.
(2) The Treasury may by order increase or decrease the rate of VAT for the time being in force [under this section]1 by such percentage thereof not exceeding 25 per cent as may be specified in the order, but any such order [that has not previously expired or been revoked]2 shall cease to be in force at the expiration of a period of one year from the date on which it takes effect, unless continued in force by a further order under this subsection.
Amendments
1 Inserted by Finance Act 2001 section 99(6) and Schedule 31 para 2 in relation to rate changes in force at times on or after 1 November 2001.
2 Inserted by Finance Act 2009 section 9(2) and Schedule 3 para 25(2) from 21 July 2009.
(3) In relation to an order made under subsection (2) above to continue, vary or replace a previous order, the reference in that subsection to the rate for the time being in force [under this section]1 is a reference to the rate which would be in force if no order under that subsection had been made.
Amendments
1 Inserted by Finance Act 2001 section 99(6) and Schedule 31 para 2 in relation to rate changes in force at times on or after 1 November 2001.
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