BSR Bespoke - 2020 Summer Statement Summary
Posted on July 09, 2020

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.

Highlights include:

  • 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.

DOWNLOAD THE 2020 SUMMER STATEMENT SUMMARY

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