Part 1: Principal rates etc. Section 2: VAT lock Details of the section
Subsection (1) provides that the standard rate of VAT currently in force under section 2 of the Value Added Tax Act 1994 (VATA) shall not exceed 20% during the VAT lock period.
	Subsection (2) provides that the reduced rate of VAT currently in force under section 29A of VATA shall not exceed 5% during the VAT lock period.
	Subsection (3) prevents goods/services specified in Schedule 7A (supplies subject to the reduced rate) from being removed from that schedule through use of the power in section 29A(3) during the VAT lock period.
	Subsection (4) prevents goods/services specified in Schedule 8 (supplies subject to the zero rate) from being removed from that schedule through use of the power in section 30(4) during the VAT lock period.
	Subsection (5) defines the VAT lock period. The VAT lock period will begin on the day that this Act receives Royal Assent and will end immediately before the date of the first parliamentary general election after that day.