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Summer economic update 2020—VAT reduction for hospitality, accommodation and attractions

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Published on: 08 July 2020

Published by LNB News

LNB News 08/07/2020

Document Information

Issue Date: 08 July 2020

Published Date: 08 July 2020

Jurisdiction(s): England and Northern Ireland

Article summary

The Chancellor of the Exchequer, Rishi Sunak, has announced from 15 July 2020 to 12 January 2021 there will be a temporary VAT cut for hospitality, accommodation and attractions. The VAT rate will be reduced to 5% and will apply to businesses and jobs in the hospitality industry, supplies of accommodation and attractions across the UK. The scheme aims to support business and jobs in these sectors during the coronavirus (COVID-19) pandemic. Laura Charkin, partner at Goodwin Procter, and William Sutton, partner at Reed Smith, commented on the temporary VAT reduction.

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