The tax cut is meant to help families save more this summer
The Government has today launched the Great British Summer Savings scheme. The initiative will deliver tax cuts across a range of qualifying activities and meals, allowing families to enjoy seaside outings and create cherished memories with their loved ones without placing a burden on their finances.
Households with children are anticipated to benefit most from the scheme, while businesses stand to gain from a boost in summer trade. A number of businesses have confirmed they will be taking part, ranging from nationwide chains such as Burger King and Butlin’s to independent cafés, small businesses and soft play centres.
Prime Minister Keir Starmer said: “The cost of living isn’t just about paying the bills, it’s about being able to afford the moments that matter with your family.
“Whether it’s a trip to the cinema, a day out together or family meal, too many parents have had to hold back because of pressure on household budgets – that’s why we’re slashing VAT on family days out this summer.”
The scheme will see VAT slashed from 20% to 5% on qualifying activities throughout England, Wales, Scotland, and Northern Ireland.
This will cut costs on:
- Children’s menu meals served in restaurants for consumption on the premises
- Children’s and family tickets for cinemas, theatres, concerts, shows and exhibitions
- Admission tickets, for both children and adults, to a range of attractions, including amusement parks, fairs, museums, zoos, soft play centres, circuses, adventure parks, nature reserves, wildlife parks and observation attractions
One of the businesses taking part, Haven Holidays, has estimated that the scheme could return up to £5million to families across their 39 parks, with the VAT reduction also being applied to their children’s menus.
This applies to families who have already booked their holidays as well as those looking to do so in the weeks ahead.
Chancellor of the Exchequer Rachel Reeves said: “I know the cost of living is a number one concern for families, and it can be even harder over the summer holidays when kids want to do things and money is tight. So we’re making it that bit easier for families to make memories together and enjoy the little treats – while giving a boost to businesses across the UK.
“This comes on top of support we’ve already put in place including freezing fuel duty, taking off £117 off energy bills, and freezing prescriptions and rail fares.
“We are able do this because we have the right economic plan, resulting in the UK having the fastest growing economy in the G7.”
Additionally, throughout August, children will be entitled to free bus travel across England to help families when travelling by car isn’t an option. The initiative will be open to all children in England.
The Government is planning to imminently launch the Great British Summer Savings deal finder to help families narrow down offers from businesses in the scheme.
