VAT on tourism

Waveney MP Peter Aldous has this week written to the Treasury urging for a cut in VAT on tourism.
 
This is part of Peter’s ongoing campaign urging the Government to protect the tourism industry from the perspective of economy and jobs by cutting VAT on tourist accommodation and attractions to 5% from the current rate of 20%. Tourism is a vital industry in the UK providing 10% of GDP and supporting over two million jobs.
 
In his letter to the Financial Secretary, David Gauke MP, Peter highlighted the decline in the UK’s share of the global tourism market and pointed out that a reduced rate of VAT for the tourism sector would see the following benefits:-
  • A rise in tax revenue of £3.9 billion over 10 years and GDP gains of up to £4 billion a year due to greater spending and a growth in tourism.
  • Boost in investment for businesses in regions that rely heavily on tourism.
  • Rise in UK tourism exports.
  • Strengthen the tourism industry and create 123,000 new jobs.
  • Reduce the cost for people holidaying in the UK and help low-earners hit particularly hard by VAT.
  • Increased competitiveness and attractiveness of the UK globally, which is currently ranked 138 out of 140 countries for price competitiveness in tourism.
From 1st January 2015, 25 of the 27 EU countries have reduced tourism VAT.
 
 Mr Aldous commented:
 
“Cutting VAT on tourism would make a real difference to local businesses and help create jobs for people in the Waveney area. A reduced tax rate would give British tourism the necessary competitive advantage to both boost the sector and make tourist attractions more affordable to entice people to take their holidays in the UK.”
 

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Next Surgeries - 2018: 
Lowestoft, Wednesday 8th August

 

 

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