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Pre-Budget Report
24 November 2008
The economic and fiscal climate is exceptionally challenging but because of the macroeconomic framework introduced in 1997, the UK is facing these shocks from a solid foundation. The Government's immediate priority is to continue to support the economy through these difficult times. The Pre-Budget Report announces that the Government will support families and businesses, including by temporarily reducing the VAT rate to 15 per cent with effect from 1 December 2008 to 31 December 2009.
The Government recognises that this change imposes a compliance burden on business, and has carried out an impact assessment to understand the scale of this.
Temporary reduction of the standard rate of VAT is available in Adobe Acrobat Portable Document Format (PDF). If you do not have Adobe Acrobat installed on your computer you can download the software free of charge from the Adobe website. For alternative ways to read PDF documents and further information on website accessibility visit the HM Treasury accessibility page.
