Section 2(1)

Subject to the following provisions and to the provisions of section 29A of this section ..., VAT shall be charged at the rate of 20 per cent and shall be charged— on the supply of goods or services, by reference to the value of the supply as determined under this Act; and . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . on the importation of goods ..., by reference to the value of the goods as determined under this Act.

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Source: legislation.gov.uk · retrieved 2026-07-28