We have pleasure in attaching our summary of the key announcements in the 2020 Summer Statement which focused on jobs, training and kickstarting the economy.
- A £1,000 Job Retention Bonus will be introduced when the Coronavirus Job Retention Scheme ends for employees who have been furloughed.
- A new Kickstart Scheme will cover employers’ costs for new six-month work placements for trainees aged 16-24.
- A £1,000 payment will be made to employers for each 16-24-year-old on work placement and training.
- Employers who hire new apprentices will receive payments of up to £2,000.
- There will be a temporary cut to Stamp Duty Land Tax on residential property, increasing the zero-rate band to £500,000 and saving purchasers up to £15,000.
- The rate of VAT will be cut temporarily from 20% to 5% for restaurant, food, accommodation and attractions businesses.
- An ‘Eat Out to Help Out’ Scheme will offer 50% meal discounts during August.
We trust that you find the enclosed summary useful and that it is a helpful basis for a discussion with us about your financial future.