Why is my VAT rate showing as 17% instead of 20%?

[ComCut]

Hi,

 I've just turned on the VAT settings and it seems to be applying the incorrect rate, 17% rather than 20%.

 I can't see any info regarding the rate in admin, just the field to add my vat number. 

 It's not a territory issue as this is showing up in POS. Please help!