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Hospitality VAT cut may not be passed on to UK consumers

Rishi Sunak said tax would fall from 20% to 5% until 12 January 2021 but many firms plan to pocket difference * Coronavirus – latest updates * See all our coronavirus coverage Shoppers and tourists expecting to see a cut in prices on Wednesday following the chancellor’s decision to slash VAT on hospitality could be in for disappointment as some organisations pocket the saving rather than pass it on to consumers. Last week Rishi Sunak announced that the tax, which is charged on most goods and services, would be cut from 20% to 5% from 15 July until 12 January 2021 for entrance to restaurants, cafes, hotels and attractions such as zoos and cinemas. Continue reading...

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