Reeves cuts VAT on summer days out to 5% as part of cost of living support
Summary
The UK government will reduce VAT to 5% on summer attractions and children’s meals from June 25 to September 1 to help families with costs during the school holidays. Chancellor Rachel Reeves also plans to raise taxes on multinational oil companies and postpone fuel duty increases to support cost-of-living relief.Key Facts
- VAT on summer attractions like theme parks, zoos, museums, and children’s meals will be cut from 20% to 5% between June 25 and September 1.
- The “Great British Summer Savings” scheme includes free bus rides for under-16s in England during August.
- If companies pass on savings, families could save about £1.50 on a child’s cinema ticket or £17 on a wildlife park visit.
- Fuel duty increases planned for September and December will be delayed.
- Import tariffs on some foods, including chocolate and biscuits, will be suspended, with expectations that supermarkets will lower prices accordingly.
- The government will raise the tax-free mileage rate by 10p per mile for work-related driving.
- Tax rules will change to make multinational oil firms pay more corporation tax on profits from UK operations, potentially raising several hundred million pounds.
- The UK economy grew 0.6% in the first quarter of the year, the fastest in the G7 before the conflict in Iran affected global markets.
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