TaxAdministrationVAT hit for Live 8

VAT hit for Live 8

Geldof event may receive massive tax bill

Bob Geldof’s Live 8 event, taking place next month to bring attention to poverty in Africa, is to be hit by a huge VAT bill, because money from tickets will not be going directly to help those in need.

Link: Band Aid receives £2m VAT bonus

Proceeds from money raised are instead going to the organisation and administration of the event, which leaves it open to a tax levy.

Tickets for the concert, which occurs on 2 July in Hyde Park, are to be allocated by a text message competition, with those wanting to attend paying £1.50 a time to enter via text message, and entering as many times as they like.

Geldolf is expected to campaign to receive a rebate on the VAT after the concert. He successfully managed to get VAT waived for the Band Aid 20 charity record released over Christmas.

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