Value Added Tax Rate reduced

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The VAT rate has been cut for the Hospitality and Tourism sectors from 20 per cent to five per cent.

The Chancellor Rishi Sunak, made the announcement of the cut during his Summer Economic Update on Wednesday, July 8.

The measures relate specifically to food and non-alcoholic drinks and to accommodation and admission to attractions, with further details expected to be published later.

The VAT rate change comes into effect on Wednesday, July 15, 2020 and will be in place temporarily until January 12, 2021.