VAT Rate Returns to Normal

VAT Rate Returns to Normal

With the New Year comes the return to the 17.5 percent VAT rate.

In an effort to revitalise the economy the UK Chancellor Allistair Darling reduced the rate in the autumn of 2008.

As the Island rate is connected to that of the UK it means Manx consumers are also set to feel the change, paying more tax on their purchases from now onwards.