Highlight's from Dan about the mini budget

July 8, 2020

 

Rishi Sunak’s mini-budget highlights

 

On Wednesday 8th July, Rishi Sunak delivered his “mini-budget” as he announced the next phase of government measures to help reboot the economy and mitigate risks of mass unemployment caused by the COVID-19 pandemic.

 

Key highlights:

 

  • Temporary cut in the VAT rate to 5% for leisure, hospitality and tourism sectors until January 2021.

  • Immediate increase of the nil band for SDLT from £125,000 to £500,000 on residential property purchases through to April 2021.

  • Discount of up to 50% (max £10 per head) at participating restaurants, cafés and pubs throughout August when dining in house Monday – Wednesday inclusive.

  • Job retention bonus of £1,000 to be paid to UK employers for every furloughed employee returning to their jobs and remaining in continuous employment through to the end of January 2021. Employers will receive this bonus in February 2021.

  • £2,000 funding for each new apprentice under the age of 25 hired between 1st August 2020 and 31st January 2021 and £1,500 for those 25 and over.

  • £2bn Green Homes Grant to help homeowners and landlords improve energy efficiency in their homes.

  • £1bn to improve energy efficiency of public sector buildings.

  • Loans and grants for the arts and heritage sectors.

 

Should you wish to discuss any of the contents of these new measures or to explore ways that we can help you with your financial planning processes, please contact us at Contador.

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