To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of a 3-year extension to the reduced VAT rate on admission charges for attractions.
14 October 2020
The reduced rate is intended to support the cash flow and viability of over 150,000 businesses affected by the COVID-19 outbreak. The Institute for Fiscal Studies and other commentators have suggested that the expiry of any temporary cut should be carefully timed if possible so as not to affect progress as the economy begins to pick up again.
The Chancellor announced on 24 September that the VAT reduced rate is to continue until 31 March 2021, providing continued support to over 150,000 businesses and protecting 2.4 million jobs.