HMRC's starting point at 5.2 is that most folders and wallets are standard-rated, and section 8 lists folders flatly on the standard-rated side. The reason is function: a folder's job is to hold other things, and holding is not reading. Printing does not change that. A heavily branded presentation folder with your logo, your colours and your strapline all over it is still a container, and the escape route at 3.2 asks for a substantial amount of text conveying information, not decoration. If you want the zero rate on the printing, it usually belongs in what goes inside the folder rather than on the folder.
What decides it?
Its job is holding. Branding is not information in the sense HMRC means.
Where does this come from?
HMRC VAT Notice 701/10, paragraph 5.2, HMRC's guidance on zero rating books and printed matter. See the notices we work from.
Some real jobs
A printed A4 presentation folder with two pockets20%
Primarily designed to hold other items.
The same folder with several pages of printed text bound in0%
Once it conveys substantial information itself, HMRC allows it to qualify as a brochure.
