Trade bodies back #KeepVATat5
- Details
Last July, the government temporarily slashed the VAT rate to 5% from the standard rate of 20% to support businesses severely affected by the pandemic. The cut currently applies until 31 March 2021.
#KeepVATat5, initiated by LIVE (Live music Industry Venues & Entertainment), aims to convince the Treasury to extend the VAT rate cut for the next three years and comes ahead of chancellor Rishi Sunak’s hotly-anticipated budget announcement on 3 March.
“With the budget approaching, we must act now to convince the chancellor to #KeepVATat5,” says LIVE in a statement. “Of all the industry’s asks from government currently, keeping the VAT rate on tickets at 5% for the next three years will make the single biggest impact to the sector’s recovery. If it is reversed, the rate (...) will take millions from our industry when we need it the most.”
This week, LIVE is coordinating letters to Sunak and other prominent MPs, but the body is also asking those willing to help to write to their local MP (see .docx template here) and raise awareness of the campaign on social media by using #KeepVATat5.
The campaign is backed by some of the most influential industry bodies, including the Concert Promoters Association, the Association of Independent Festivals, the Music Managers Forum, the National Arenas Association and the Music Venue Trust. PLASA and #WeMakeEvents have also voiced their support.
For more information, please visit livemusic.biz/campaigns
Full list of formal supporters:
Greg Parmley, CEO, LIVE
Phil Bowdery, Chair, CPA
Annabella Coldrick, CEO, MMF
Dave Keighley, Chair, PSA
David Martin, CEO, FAC
Greg Marshall, GM, AFEM
Kevin Appleby, Chair, BACH
Mark Davyd, CEO, MVT
Paul Reed, CEO, AIF
Lucy Noble, Chair, NAA
Steve Heap, General Secretary, AFO
Tarquin Shaw Young, President, TEAA
