VATupdate

UK music industry braces for VAT increase on concert tickets

Covid hit the entertainment and hospitality sectors harder than most. To help alleviate the financial pressure, the UK government introduced a number of measures, including slashing the VAT rate for hospitality businesses from 20% to 5%.

Recently, the UK announced that VAT rates on tickets for concerts and live events would return to the pre-Covid level of 20%. However, not everyone is pleased. The head of the music industry group UK Music has written to chancellor Rishi Sunak asking him to rethink the increase.

Source: vatit.com

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