UK government slashes VAT on concerts
9th July 2020. Another #LetTheMusicPlay objective fulfilled, as British chancellor Rishi Sunak announces a 15% reduction in value-added tax on live events until the end of the year. The British government has announced that value-added tax (VAT) levied on concert and event tickets will be reduced to 5% from next week. A cut in VAT was one of three main demands of last week’s #LetTheMusicPlay campaign, along with a financial support package and a timeline with reopening music venues without social distancing. Following the announcement of on Sunday of a £1.57 billion aid package for the cultural sector, only the call for a confirmed date for reopening remains unfulfilled. The VAT cut was announced 8th July by culture minister Oliver Dowden, following a ‘mini-budget’ that afternoon by chancellor of the exchequer Rishi Sunak. According to Dowden, the reduction in VAT from 20% to 5% will apply to concerts, theatre shows, exhibitions, circuses and other “attractions”.
Reporting by IQ Magazine
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