Rachel Reeves believes the tax cut will help families throughout the summer (Image: Getty)
A new tax cut affecting days out is coming into force in the UK from today, June 25.
Families will now be able to receive cheaper tickets for theme parks, zoos and museums, as well as kids’ meals, as a temporary VAT cut has come into play for the school summer holidays.
The Great British Summer Savings initiative will mean VAT on ticket prices is reduced to 5% from 20% for various attractions in a bid to compete with the cost of living.
The tax cut comes into effect from today, just in time for schools breaking up in Scotland at the end of this month, followed by Northern Ireland, England and Wales in July, and will remain in place until 1 September.
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The tax initiative will reduce ticket prices at theme parks (Image: Getty)
Chancellor of the Exchequer, Rachel Reeves, explained the summer holidays could be a stressful and expensive time, stating that the purpose of the VAT CUT on family-related activities was to “help people make those precious memories during the summer holidays, but not having to fork out too much for it”.
She added: “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.”
However, people have shared concerns about the tax cut, believing that it won’t make much difference.
Alan, 42, from Brighton, enjoys going to theme parks with his family on a regular basis, but he does not expect much from the VAT cut, reports the BBC.
He said: “These kind of attractions are quite expensive in the first place. Pointing out that it is “negligible” and the tax cut only benefits those who go to theme parks as a one-off.
He explained that having a theme park pass, which they use to go to Legoland, Chessington World of Adventure and Sea Life centres, was the best option for his family.
Butlins will take part in the cut, providing cheaper children’s meals and day passes (Image: Getty)
Helen Miller, director of the Institute for Fiscal Studies think tank, previously said the measures would ensure savings, but estimated they would equate to an “average saving of around £10 per UK household”.
Alan added that addressing energy and fuel costs would be more useful for families
“How the government can say this is going to result in any household saving is a mystery,” he said.
Reeves highlighted the work that the government were doing to tackle this.
She said: “This comes on top of support we’ve already put in place, including freezing fuel duty, taking £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.”