Fuel Oil: VAT
Lords · Question HL555 · Tabled 2 Sep 2024 · Treasury · Official record
Answered 16 Sep 2024
Question
Asked by Lord Allen of Kensington
To ask His Majesty's Government what assessment they have made of the potential benefit of zero-rating VAT on fuel oil to assist households that are reliant on fuel oil to heat their homes; and what plans they have to reduce VAT on fuel oil.
Answer
Answered by Lord Livermore, 16 Sep 2024
Domestic fuels such as a gas, electricity and fuel oil are subject to the reduced rate of VAT at 5 per cent of VAT.VAT is the UK's largest tax, forecast to raise £176 billion in 2024/25. A vital source of revenue which helps to fund public services.The Go...