Define: Zero-Rated Goods And Services

UK Accounting Glossary

  1. Home
  2. Glossary
  3. Zero-Rated Goods And Services

Definition: Zero-Rated Goods And Services

Quick Summary of Zero-Rated Goods And Services

Goods and services that are taxable for value added tax (VAT) purposes but are currently subject to a tax rate of zero.

Cite Term
Sources
Related Phrases

What is the dictionary definition of Zero-Rated Goods And Services?

Dictionary Definition

Refers to goods and services that are taxable for value added tax purposes but are currently subject to a zero percent tax rate.

These differs from exempt in that the VAT attributable is allowable for input tax credit.

Full Definition of Zero-Rated Goods And Services

Zero-rated goods and services are goods and services that are taxable for value added tax purposes but are currently subject to a tax rate of zero.

These differ from exempt status in that the VAT attributable is allowable for input tax credit.

Examples of Zero-rated supplies include:

  • Most food items
  • Sewerage and water services for non-industrial users
  • Books and periodicals
  • Certain Charitable Supplies
  • New Domestic Buildings
  • Transport fares for vehicles intended to carry not less than 10 passengers
  • Banknotes
  • Medicines
  • Children’s footwear and clothing
  • Fuel for Lifeboats and Air Ambulances
  • All exports.

Zero-Rated Goods And Services FAQ's

Cite Term

To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/zero-rated-goods-and-services/
Modern Language Association (MLA):
Zero-Rated Goods And Services. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. July 21, 2019 https://payrollheaven.com/define/zero-rated-goods-and-services/.
Chicago Manual of Style (CMS):
Zero-Rated Goods And Services. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/zero-rated-goods-and-services/ (accessed: July 21, 2019).
American Psychological Association (APA):
Zero-Rated Goods And Services. PayrollHeaven.com. Retrieved July 21, 2019, from PayrollHeaven.com website: https://payrollheaven.com/define/zero-rated-goods-and-services/

Definition Sources

Definitions for Zero-Rated Goods And Services are sourced/syndicated from:

  • Oxford Dictionary Of Economics
  • BusinessDictionary.com
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 27th January 2019.