New stamp duty holiday & more from the Chancellor’s summer statement
In Rishi Sunak’s latest update, he’s revealed a number of measures that have been put in place to save jobs, and boost the economy following the impact of the pandemic.
We wanted to inform you of the latest updates to provide you with the option to review which schemes may be beneficial to you, your loved ones, or your business.
• Stamp duty has been scrapped on property sales in England and Northern Ireland up to £500,000 until 31st March 2021.
• A job retention bonus has been put in place that will pay employers £1,000 per employee that they bring back from furlough, as long as they have the guarantee the employer will employ them until at least January.
• There has been a temporary VAT cut from 20% to 5% on food, accommodation and attractions, which will take immediate effect from the 15th July until 12thJanuary 2021.
• A green investment package of £3bn has been created, with £2bn of that package going into grants for landlords and homeowners to improve the energy efficiency of their homes. This will be up to £5,000 per household. The remaining funding will go into improving the energy efficiency of public buildings.
• The “eat out to help out” scheme will give people 50% off meals in participating restaurants on Monday-Wednesday in August. This will be up to £10 per person.
• The government will be offering new payments to companies for apprentices and trainees.
• There will be £1bn invested in the Department for Work and Pensions to help jobseekers, this will also be used to increase the number of coaches in job centres.
• A £2bn ‘kickstart’ scheme has been designed to boost jobs for young adults. The government will subsidise the wages of six-month work placements for certain 16-24 year olds.
If you’re wondering how these recent updates will affect you, whether it’s due to moving house, a review of any business protection you have in place, or just a general enquiry about the financial arrangement you currentlyhave in place, I’d be happy to help.
Book an appointment by calling 01923 718881 or emailing firstname.lastname@example.org, and I’ll get back to you as soon as possible.