Cut In VAT Comes Into Effect

A shopper passes a sign advertising the reduced rate of Value Added Tax (VAT) in a store in Bristol on December 1, 2008 in Bristol, England. Chancellor Alistair Darling introduced the lower rate of 15 percent (down from 17.5 percent) as a method of helping the high street which is facing one of its gloomiest retailing forecasts for Christmas for many years.
A shopper passes a sign advertising the reduced rate of Value Added Tax (VAT) in a store in Bristol on December 1, 2008 in Bristol, England. Chancellor Alistair Darling introduced the lower rate of 15 percent (down from 17.5 percent) as a method of helping the high street which is facing one of its gloomiest retailing forecasts for Christmas for many years.
( - Photo by Matt Cardy/Getty Images Europe)
Shoppers take advantage of the reduced rate of Value Added Tax (VAT) as they buy goods in a supermarket in Bristol on December 1, 2008 in Bristol, England. Chancellor Alistair Darling introduced the lower rate of 15 percent (down from 17.5 percent) as a method of helping the high street which is facing one of its gloomiest retailing forecasts for Christmas for many years. A shopper passes a sign advertising the reduced rate of Value Added Tax (VAT) in a store in Bristol on December 1, 2008 in Bristol, England. Chancellor Alistair Darling introduced the lower rate of 15 percent (down from 17.5 percent) as a method of helping the high street which is facing one of its gloomiest retailing forecasts for Christmas for many years. Shoppers take advantage of the reduced rate of Value Added Tax (VAT) as they buy goods in a supermarket in Bristol on December 1, 2008 in Bristol, England. Chancellor Alistair Darling introduced the lower rate of 15 percent (down from 17.5 percent) as a method of helping the high street which is facing one of its gloomiest retailing forecasts for Christmas for many years. A shopper passes a sign advertising a 95 percent off sale on the day the reduced rate of Value Added Tax (VAT) is introduced in the outside wall of a store in Bristol on December 1, 2008 in Bristol, England. Chancellor Alistair Darling introduced the lower rate of 15 percent (down from 17.5 percent) as a method of helping the high street which is facing one of its gloomiest retailing forecasts for Christmas for many years.
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