Vat

HM Treasury written question – answered at on 20 April 2017.

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Photo of Peter Aldous Peter Aldous Conservative, Waveney

To ask Mr Chancellor of the Exchequer, whether his Department has estimated the fiscal gains derived through the dynamic effects of reducing VAT on accommodation and attractions to five per cent.

Photo of Jane Ellison Jane Ellison The Financial Secretary to the Treasury

The Government has carefully considered the evidence for applying a five per cent reduced rate of VAT on accommodation and visitor attractions and believes that the costs of doing so, estimated at £3.1 billion annually, outweigh the benefits.

The Government holds all taxes under review and will always look to consider new evidence where it comes to light.

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