direct to your inboxRishi Sunak has announced the reduced rate of VAT will be extended amid the fallout from the pandemic.It comes part of a number of measures unveiled in the government's spending plan in the 2021 Budget on Wednesday.The Chancellor said the five per cent reduced rate of VAT will be extended for six months to September 30.However the standard rate of 20 per cent won't return until April 2022.Mr Sunak told MPs: “Even then, we won’t go straight back to the 20 per cent rate.“We’ll have an interim rate of 12.5 per cent for another six months; not returning to the standard rate until April next year."He added: "In total, we’re cutting VAT next year by almost £5 billion.”The temporary VAT cut was first introduced last July in a.
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