Zero-Rated Goods

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Definitions
Standard Rate
Standard Rate VAT Tax Rate Exempt Supplies Zero-Rated Goods Taxable Persons Marginal Rate Income Tax
The rate of value added tax (VAT) applied to all goods and services sold by taxable persons that are not exempt, zero-rated, or subject to a special rate. For the 2016-17 tax year, the standard rate was 20%. It is also the marginal tax rate for most taxpayers.
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Definitions
Value Added Tax (VAT)
Value Added Tax VAT Taxable Supplies Business Tax Input Tax Output Tax Zero-Rated Goods Exempt Supplies
VAT is a consumption tax levied on the sale of goods and services in the UK, added at each stage of production and distribution.
Read more about Value Added Tax (VAT).
Definitions
Zero-Rated Goods and Services
Zero-Rated Goods Zero-Rated Services VAT Input Tax Credit Exempt Supplies Tax Basics Tax Accounting
Zero-rated goods and services are taxable for value-added tax (VAT) purposes but are currently subject to a tax rate of zero. In contrast to exempt supplies, VAT attributable to zero-rated supplies is allowable for input tax credit.
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