Thread: End of an era.
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Old 7th Mar 2018, 10:35 pm   #91
FERNSEH
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Location: Gateshead, Tyne and Wear, UK.
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Default Re: End of an era.

jamesperrett wrote: "Wasn't there purchase tax before VAT? I seem to remember VAT was supposed to replace purchase tax although I may be wrong as I was 11 at the time."
That's right. The Value Added Tax replaced the old purchase tax system in April 1973. Retailers received a full refund of the purchase tax on unsold goods after making a list of the purchase tax liable items that were in stock on the eve of the introduction of VAT. Actually, with the introduction of 10% VAT the retail price of television sets became less than it was under the old tax system.

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