A cut in VAT to 5% for hospitality and tourism businesses will be extended until March, the chancellor has said.has announced the temporary cut, first introduced in July, will now be in place until well into the new year.
He said: ‘The final step I’m taking today will support two of the most affected sectors, hospitality and tourism. ‘On current plans, their VAT rates will increase from 5% back to the standard rate of 20% on January 13.‘So to support more than 150,000 businesses and help protect 2.4 million jobs through the winter, I’m announcing today that we are cancelling the planned increase and will keep the lower 5% VAT rate until March 31 next year.’
Source: Holiday News (holidaynews.net)
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