A reminder: The main points of the chancellor’s statement

In Chancellor Rishi Sunak’s summer statement, he outlined a £30bn package of spending and tax measures to support recovery from the economic impact of the coronavirus.

The main points of the statement included:

• A cut to VAT on hospitality (food, accommodation, and attractions) from 20% to 5%. This be in effect until the 12 February 2021.
• A temporary stamp duty holiday in England and Northern Ireland, exempting the first £500,000 of all property sales from the tax. This will run until 31 March 2021.
• Bonus schemes for employers retaining furloughed staff, taking on youth work placements, and creating apprenticeships. An employer who brings back a furloughed worker between now and January 2021 will be paid a bonus of £1,000 per employee. The furloughed worker needs to have been employed continuously from end of furlough until 31 January 2021.

A transcript of the chancellor’s statement can be found here and we will advise on any further information about the measures as they are announced.

About the Author

Paul Newbold

Partner

After qualifying with KPMG where he gained significant audit experience, Paul joined Torgersens in 1991 and became the firm’s audit partner in 2000. Paul employs his broad range of financial skills to provide commercial and accounting advice to a range of owner-managed businesses in the independent retail, education and professional services sectors. He also has extensive experience dealing with charities, Registered Social Landlords and not-for-profit organisations and co-operatives.   Outside of work, Paul likes to visit Eastern France and South-West German and read novels by David Morrell, Michael Blake and Harper Lee. He also likes watching films, his favourite is The Shawshank Redemption.

To get in touch please e-mail paul.newbold@torgersens.com.