Why does Festival of Speed qualify for a tax relief / VAT reduction?
The 2022 Festival of Speed presented by Mastercard qualifies for the UK Government’s ‘creative industry tax relief’, with a reduced VAT rate of 12.5% until 31 March 2022. We are pleased to be able to pass this saving on to our customers, which will apply to a number of entry products across the event. ticket prices will remain at the reduced VAT rate until the end of March, when it will return to the full rate of 20% from 1 April 2022.
Which Festival of Speed products does the tax relief / reduced VAT apply to?
The reduced VAT rate of 12.5% applies to general admission tickets, grandstand passes, parking and camping products. Hospitality and membership enclosures do not qualify for the tax relief / reduced VAT rate.
How much is the tax relief / reduced VAT rate?
Qualifying Festival of Speed products have had a reduced VAT rate of 12.5% applied to them.
When will the tax relief / reduced VAT rate end?
The tax relief will be valid for tickets bought between 30 October 2021 and 31 March 2022. From 1 April 2022, the VAT rate on the qualifying Festival of Speed products will return to 20%.
Do I need to do anything when buying my tickets to get the reduced VAT rate?
No – the tax relief / reduced VAT rate will be automatically be applied to your order at the point of purchase.
Why do other Goodwood events not have the tax relief / reduced VAT rate?
Unlike the Festival of Speed, our other events do not meet the criteria by the UK Government to qualify for the creative industry tax relief.