Preheat oven to 350º F (180º C).
Whisk flour, baking powder, and baking soda together in a bowl. Set aside.
Combine milk and vinegar in a small bowl. Set aside.
In a large bowl, beat the sugar and butter until creamy and pale. Scrape down the sides and up the bottom of the bowl with a rubber spatula as needed. Add salt and vanilla; mix to combine.
Sift the half flour mixture into the mixing bowl. Then add the milk mixture slowly. And finally, add the rest of the flour. Scrape down the mixing bowl with a spatula and turn the batter over several times to ensure all of the ingredients are well incorporated. Beat just until incorporated. Do not overmix this batter.
Pour the cake mixture into the prepared pan.
Bake for 30 minutes, at the 30 minutes mark, loosely cover with foil and continue to bake for another 15 - 20 minutes, until a toothpick inserted in the center comes out mostly clean.
Remove from the oven and cool on a wire rack for just 20 minutes, then run a thin metal spatula or a knife around the inside rim. Unmold onto a serving dish.