A temporary VAT cut for UK attractions will come into place as of 15th July, remaining until 12th January 2021. This, the Treasury’s Plan for Jobs states, has been conceived to support businesses and jobs by reducing the rate to 5% for accommodation and admission.
The policy paper says “further guidance on the scope of this relief will be published by HMRC in the coming days”, meaning venues in the museums and heritage sectors will have an anxious wait to discover if and where their business will benefit from this change.
Many institutions will also be eligible for a £1,000 job retention bonus if they keep furloughed staff employed until at least January 2021. Incentivised traineeships for younger workers may be another option for organisations within the sector.