Reeves Funds Cost of Living Help by Closing Oil Tax Loophole

Chancellor of the Exchequer Rachel Reeves will cut value-added tax on British summer attractions, part of a package of measures aimed at reducing the cost of living for voters amid the economic fallout of war in the Middle East.

The policy will be funded by closing a tax loophole often used by oil and gas companies, Reeves said in the House of Commons on Thursday. It will pay for VAT on tickets to destinations such as fairs, theme parks and zoos to be cut from 20% to 5% between June 25 and Sept. 1. The VAT reduction will also apply ...