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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.
The information provided in this blog is for general informational purposes only and should not be considered professional advice. As far as we are aware, the content is accurate at time of publication. Torgersens assumes no responsibility for errors or omissions in the content or for any actions taken based on the information provided.
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