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Value added tax (VAT)
Practical Law UK Glossary 5-107-7468 (Approx. 3 pages)
Glossary
Value added tax (VAT)
A tax on supplies of goods and services made by a taxable person in the course or furtherance of a business. It is administered by HM Revenue & Customs (HMRC).
For further information, see Practice note, VAT: overview.