The Finance Act 1972 reformed the UK's tax system, introducing Value Added Tax (VAT) to replace Purchase Tax and Selective Employment Tax. The introduction of VAT, harmonised with the European Economic Community requirements, marked a significant shift in the taxation landscape. Moreover, the Act implemented several other key fiscal provisions, adjusting income tax, corporation tax rates, and other duties. This legislation was pivotal in modernising and aligning the UK's tax regime with contemporary economic policies and European integration efforts, signalling a comprehensive overhaul of the national taxation framework.
LexisNexis traffic light system shows the status of legislation and cases so you are always using up-to-date law while historical versioning and legislative timelines lets you see exactly what has changed in legislation over time.
TAKE A FREE TRIALThe Finance Act 1972 reformed the UK's tax system, introducing Value Added Tax (VAT) to replace Purchase Tax and Selective Employment Tax. The introduction of VAT, harmonised with the European Economic Community requirements, marked a significant shift in the taxation landscape. Moreover, the Act implemented several other key fiscal provisions, adjusting income tax, corporation tax rates, and other duties. This legislation was pivotal in modernising and aligning the UK's tax regime with contemporary economic policies and European integration efforts, signalling a comprehensive overhaul of the national taxation framework.
LexisNexis traffic light system shows the status of legislation and cases so you are always using up-to-date law while historical versioning and legislative timelines lets you see exactly what has changed in legislation over time.
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