Following the reduction of Value Added Tax announced by the Chancellor in this week's Pre-Budget Report, the Motor Sports Association advises its customers as follows:
The majority of fees charged by the Motor Sports Association are exempt from VAT - licences, permits, etc. Only certain Products and Services are subject to VAT at the prevailing rate. The MSA will amend the pricing on all items over £100 in value in accordance with the reduction of VAT from 17.5% to 15%.
The MSA will not amend the prices of items under £100. Any additional revenue generated as a result of retaining these prices will be donated to the Motorsport Safety Fund. The Motor Sports Association estimates that this sum is unlikely to exceed £5,000 in 2009.