VAT rate reduction for tourism and hospitality sector extended

David McGeachy, partner at Saffery Champness, comments:“The chancellor has today announced a welcome extension to 31 March 2021 to the reduction in the VAT rate to 5%.

“This includes restaurant and café food and non-alcoholic drinks, hotel and holiday accommodation, and attraction admissions. The temporary reduction in the VAT rate announced back in July was intended to come to an end on 12 January 2021. This sector of the economy, perhaps more than any other, continues to be hardest hit by the COVID-19 crisis.”

Read more about the latest announcements, here

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