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U.K. V.A.T. and Other Taxes

July 2017

U.K. V.A.T
The standard V.A.T. rate in the UK is 20% from 4.1.2011.
There are also reduced rates of 5% and zero.
The 5% rate relates to domestic fuel etc.
The zero rate relates to food, books and newspapers ,public transport etc.
Financial services including banking and insurance are tax exempt.
Input VAT can be credited against output VAT of zero rated services, but not against tax exempt services.
The threshold for VAT registration is an annual turnover exceeding GBP 83,000.
VAT returns are usually filed each quarter.

U.K. Inheritance Tax
The tax is levied on inherited property valued over GBP 325,000. The inheritance tax rate is 40%.
The tax is also levied in certain cases of gifts given within 7 years after death and in certain lifetime transfers.

U.K. Stamp Duty
A tax of 0.5% is imposed on transfer of UK shares.
A tax of 0%-15% is imposed on transfer of residential real estate.
For nonresidential real estate tax rates are 0%-5%.

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