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Change in the Standard Rate of VAT and Interest Rates 25 November 2008

VAT Rate Changes

The Treasury advises that on 1 December 2008 the standard rate of VAT will be reduced to 15%. This rate will remain in force until 31 December 2009.

Further information can be found on the FAQ on the web site or by contacting the Business Advice Centre on 648130.

Interest Rates for VAT, Customs Duties and Excise Duties

The rates of interest on payments of VAT, customs duty and excise duty due to and from the Treasury are amended from 6 December 2008.

Interest RatesPayable to TreasuryPayable by Treasury
VAT8.00%2.00%
Excise duty (including Air Passenger Duty) 5.50%2.00%
Customs duties (excluding Compensatory Interest, see below)5.50%2.00%

Compensatory Interest

This is payable to Treasury on diversions of goods imported under temporary import reliefs and which are to be retained in the Island or EU. This is set by the European Commission and is adjusted on a monthly basis, for the current rate please refer to the HM Revenue and Customs website or contact the Advice Centre at Customs and Excise (details below).

Note

Interest rates on sums of VAT payable by Treasury change automatically according to a formula in the Value Added Tax (Interest Rate) Order 1998.

Interest rates on sums of customs and excise duties (except for Compensatory Interest) change automatically according to a similar formula in the Customs and Excise Duties (Interest Rate) Order 2000 and Air Passenger Duty (Interest Rate) Regulations 1998.

For further information, please contact the Advice Centre at the address below:

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