VAT

VAT of 20% now applies to school fees for education provided on or after 1 January

Change introduces 'new challenges' for families

Budget comes as prime minister says country 'embrace the harsh light of fiscal reality'

The editor's Friday Night Takeaway from 9 August

Labour’s 20% VAT on independent school fees starts in January

HMRC found tax could bring in just £650m, according to reports

Advisers have cautioned that a flurry of parents may return to state system