IoM obliged to follow change announced by Sunak
VAT on food and attractions on the Isle of Man is to be reduced from 20 to five per cent next Wednesday (15 July).
It's after UK Chancellor Rishi Sunak announced the tax would be cut for the hospitality sector to assist in the country's recovery from coronavirus.
The Isle of Man is obliged to follow the UK on VAT changes under a revenue-sharing agreement.
The reduction will last until 12 January, with more details to be released shortly.