Britain cuts VAT for more tourists - Reeves: It will be 5% as part of cost of living support
Britain's Treasury Secretary Rachel Reeves said she would cut VAT to 5% on summer attractions such as theme parks and play centres during school holidays as she aims to ease the impact of the war in Iran on financially struggling families. Reeves said she would also raise taxes on global oil firms operating in the UK to help cover the costs of her plans.
The reduction in VAT from 20% to 5% during the summer on attraction tickets and children's meals is part of a £300m scheme that Reeves is calling "Great British Summer Savings", which also includes free bus travel for under-16s in England during August.
Zoos, museums, theme parks and playgrounds would benefit from the temporary VAT reduction, which will also apply to children's theatre and cinema tickets and children's meals in restaurants, it said. The temporary tax reduction will come into effect from June 25, to coincide with the start of the school holidays in Scotland, and will run until September 1.
In other cost-cutting measures, Reeves confirmed he was postponing fuel tax increases that were expected to take effect in September.
Reeves also said he would suspend import tariffs on some foods, including chocolate and biscuits, adding: “I expect supermarkets to pass on these full savings to their customers.” A more ambitious scheme that would have seen supermarkets commit to fixed prices for basic foods in return for government regulatory relief was rejected by retailers.
The costs of the UK's summer savings will be partly covered by changes to the "foreign branch profits" regime to crack down on companies that use complex corporate structures to reduce the amount of tax they pay to the UK Treasury.
While the Treasury did not specify which companies were being targeted, Reeves suggested the focus was the fossil fuel industry.
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