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VAT
The following suggested changes to VAT, will undoubtedly increase inflation rate and worsen the cost of living crises
but if not done the future remedies will create even greater inflation.
VAT:Total Budget £200 Billion
Revised Budget £258.2 Billion changed by £58.2 Billion: 129.1% Increase
VAT VAT Big Ticket items
Policy:
New 25% "Luxury Rate" of VAT should be applied to any single item that costs over £10,000.
Annual Revenue Increase of £5 Billion
VAT VAT Charity
Policy:
Rules need tightening, so more VAT collected, as some venues and events use loopholes to avoid paying VAT.
Annual Revenue Increase of £50 Million
VAT VAT Rates
Policy:
Increase Vat rate from 20% to 22.5%.
Annual Revenue Increase of £40 Billion
VAT VAT Reversal for Private Schools
Policy:
Reverse the addition of VAT on Private Schools.
Annual Revenue Reduction of £-1.4 Billion
VAT VAT Scope Food & Drink
Policy:
New VAT of 5%, applied to all Foods and Drinks (for humans) currently Zero rated.
Annual Revenue Increase of £12 Billion
VAT VAT Scope Flights and Holidays
Policy:
New VAT of 10% to Flights and Holidays, removing the APD and Aviation Fuel tax.
Annual Revenue Increase of £2.5 Billion
Capital Debt Reduction
Taxation Timing Changes VAT change to monthly return
Policy:
Switching to mandatory monthly VAT returns, from the current three month returns.
