Reduce Tourist VAT to support business says Steven Paterson MP
Steven Paterson MP (SNP, Sterling) has written to the Chancellor urging him to reduce Tourism VAT on accommodation and attractions to 5% following this week’s announcement that the Scottish Government is capping business rate increases at 12.5% for Scottish hospitality businesses until July 2017
Steven Paterson MP said that after conducting an extensive public consultation with local businesses in his Sterling constituency, it became clear that a reduced rate of Tourism VAT would unleash the growth potential of the industry and create jobs.
He pointed out how hospitality and tourism businesses in Sterling have already committed to investing in the local economy and that reducing Tourism VAT would encourage further business in the area.
Steven Paterson MP said: “After a large number of responses to my consultation last year, it is clear that a reduction in VAT for hospitality-related trade would have a significant impact on growth and job creation. After yesterday’s announcement from the Scottish Government Finance Secretary Derek MacKay of support for this sector, it is time that the UK Government stepped up to the mark and listened to businesses – like those in my constituency – who would greatly benefit from VAT relief.
“Hospitality is an industry sector that is highly responsive to changing economic climates, causing frequent periods of volatility. Alleviating the VAT burden from these businesses would be a real shot in the arm for those facing an often challenging marketplace.
“With the commitment of both the Scottish and UK Governments to deliver a City Region Deal for the Stirling and Clackmannanshire area, now is the time to ensure that the area is an attractive place for investment and with a strong and well supported economic climate.”
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