Great British Summer Savings scheme to go live on Thursday - all you need to know

Great British Summer Savings scheme to go live on Thursday - all you need to know A government scheme to help cut the cost of family days out over the summer is about to launch, with savings on theme parks to kids' meals A government scheme promising savings on family days goes live on Thursday. Announced by Chancellor Rachel Reeves in late May, the Great British Summer Savings push is to designed to help ease the financial burden on cost of living hit families. At its heart is reducing the rate of VAT on eligible purchases from the standard rate of 20% to a temporary 5%. There will also be free bus travel for children aged 5 to 15 in England in August. Here are some of the things you will need to know. What are the basics? From June 25 to September 1, the reduced 5% rate of VAT will apply to eligible services. They include children’s meals served in restaurants and eaten there; children’s and family tickets for the cinema, theatre, exhibitions, shows and concerts; and tickets - for both children and adults - to attractions such as amusement parks, fairs, circuses, museums, zoos, adventure parks, and soft play attractions . Which companies are taking part? The Treasury wasn’t able to provide a list, or even a rough figure for the number of participating businesses, who are in from the beginning. The system works on an opt-in basis, meaning you shouldn’t assume that because the attraction or restaurant fits the bill, it will be taking part. There is no legal requirement for businesses to take part in the scheme. That said, there is no cost to the company as the savings comes from what they pay in VAT, and the reduced prices are designed to also drum up extra trade for them. Peppa Pig World, Alton Towers and Legoland are among the well-known attractions that are known to be taking part. So how will I know who is participating? You’ll be able to search via an online tool that will show you which businesses are taking part in your area. However, it won’t be live from the start. The Treasury has said that it will be launched soon, whatever that means. What sort of savings could I see? Firms have already starting showing what their prices will be during the promotional period. Merlin, which owns 20 venues including Alton Towers and Legoland, has updated ticket prices to show “summer VAT savings applied”. Advance tickets for both parks now start at £29.75, down from £34. Wiltshire safari park Longleat has also updated its ticketing system, with the discount bringing the cost of advance tickets for a family of four down to £122.30, a saving of £17.50. The Odeon, Vue and Cineworld cinema chains are also taking part, with Odeon saying a family ticket for two adults and two children will come down from £32 to £28.50 during the scheme. Greene King, with more than 2,500 outlets, McDonald’s, Wetherspoons and Nando’s are among the dining locations passing on the tax saving on children’s meals. Nando’s said its “Nandino” meals will come down from £6.95 to £6.08 while on the Wetherspoons children’s menu a £5.75 meal drops to £5.03, and McDonald’s is cutting the price of a typical Happy Meal by 27% to £2.99. Season tickets, such as the popular Merlin passes that start at £139, are not included in the scheme. The rules say that a weekly or season pass allowing multiple visits beyond the summer holidays do not qualify if they cost more than a standard single-entry ticket. How much will it cost the government? The Treasury estimated the scheme would cost around £300million.