A Review in Tourism VAT in Northern Ireland
In the 2017 Autumn Budget, the Chancellor announced a review into the impact of VAT on the tourism industry in Northern Ireland. With the Government due to announce the terms of reference for the review in coming months, we look forward to working closely with the Treasury, key stakeholders and across our industry to ensure that the positive and far reaching benefits of a cut to Tourism VAT throughout the UK are understood.
The UK’s 20% rate on tourism is almost three times that of France and Germany and twice as much as Italy and Spain. Almost every other European country has recognised the particular needs of their tourism sectors with a bespoke rate of VAT, so this review is an important first step on the journey to allowing the UK to compete on a level playing field with our European counterparts. Various independent analysis has shown that a reduction in the rate of tourism VAT to 5% would stimulate investment and spending in the hospitality industry across the UK, contributing £4.6 billion to the Exchequer, and leading to a reduction in the UK’s balance of trade deficit by £23 billion over 10 years
We will be updating this page as the government announce the terms of reference for the review. Until then, we have published a factsheet on the benefits of a Cut to Tourism VAT in Northern Ireland and you can stay up to date and informed via our twitter.
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