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Value Added
Tax. An indirect tax levied on each stage of the
production of most goods and services. Currently it stands at
17.5 per cent..
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Variable Costs.
Costs that vary in line with trading activity e.g. postage, stationery.
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Variance. The difference
between planned and actual costs (and revenue).
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Venture Capital
Trust. A special type of investment trust on the
Stock Exchange designed to provide start up or expansion capital
for unquoted companies.
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Vested Rights.
Rights that have accrued to a person e.g. automatic preserved
benefit on leaving an occupational pension scheme, after minimum
of 2 years qualifying service.
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Void. Something
which has no legal force from the start.
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Voidable. Something
which, though it may continue to be valid, may be put aside and
be made void, in certain circumstances.
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