Bank fines to fund tax waiver for Army song All Together Now
Fines levied on banks for Libor rate-fixing will fund a VAT waiver on a military charity single, the Government has announced.
Chancellor George Osborne said the money would go to the single All Together Now, which is performed by the Peace Collective, a group of UK musicians and under-12 footballers from the UK and Germany.
It is a rerecording of a 1990 hit single by The Farm, which was inspired by the famous First World War Christmas Day truce in which British and German troops suspended hostilities, exchanged food and played football.
Money raised from the sale of the single will go to the British Red Cross and the Shorncliffe Trust, a charity which is building a heritage centre in Kent dedicated to the history of the Army.
Mr Osborne said: "I want as much money as possible that is made from this single to go towards supporting our brave armed forces. That is why I am giving back the tax paid on sales."
The money has previously helped fund the Invictus Games and mental health support for emergency services staff.