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10/07/20 15:43

Summer Statement by the Chancellor of the Exchequer


  • 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.

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Summer Statement by the Chancellor of the Exchequer

Written by: Norman Elliott FCA, Managing Director
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