Chancellor Rishi Sunak is being urged to abandon a massive VAT hike on concert and live event tickets that is due to kick in on April 1.
The warning comes ahead of the Chancellor’s Spring Statement on March 23 when he will outline a mini-Budget.
UK Music Chief Executive Jamie Njoku-Goodwin has written to the Chancellor to highlight the “hugely damaging” impact that a planned Treasury hike in the VAT rate on gig tickets could have on millions of music fans and the music industry. At present, VAT is charged at 12.5% on tickets for live events. However, the Chancellor is planning to hike the VAT rate to 20% on April 1 in a move that promoters and music industry chiefs are concerned could force a rise in ticket prices.
Music industry leaders are now calling on the Chancellor to abandon the VAT rise to give the UK music industry and millions of music fans across the country a break just as live music…
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