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UK Summer Economic Update Delivered Including Temporary VAT Rate Cut for Restaurants, Pubs, Accommodation, and Attractions

UK Chancellor of the Exchequer Rishi Sunak delivered his Summer Economic Update in Parliament on 8 July 2020, including the Plan for Jobs 2020, which provides a series of measures focused on supporting jobs in the country. With respect to taxation, this includes two main VAT measures:

  • Temporary VAT cut for food and non-alcoholic drinks – From 15 July 2020 to 12 January 2021, to support businesses and jobs in the hospitality sector, the reduced (5%) rate of VAT will apply to supplies of food and non-alcoholic drinks from restaurants, pubs, bars, cafés and similar premises across the UK.
  • Temporary VAT cut for accommodation and attractions – From 15 July 2020 to 12 January 2021, to support businesses and jobs, the reduced (5%) rate of VAT will apply to supplies of accommodation and admission to attractions across the UK.

Further guidance on the scope of this relief will be published by HMRC in the coming days.

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