Whilst the details are yet to be announced and only general information is currently available, some key highlights from the chancellor’s budget are set out below:
- Good news for house buyers with a temporary cut (until 31st March next year) to Stamp Duty Land Tax on residential property, increasing the zero-rate band to £500,000 and saving purchasers up to £15,000;
- VAT will be cut temporarily from 20% to 5% for restaurant, food, accommodation and attractions businesses;
- Job Retention Bonus Scheme to be introduced when the Coronavirus Job Retention Scheme ends for employees In October. This means that Companies will receive a £1,000 bonus for each furloughed employee they bring back to work (certain criteria applies);
- 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 between August and January will receive payments of up to £2,000; and
- An ‘Eat Out to Help Out’ Scheme will offer up to 50% meal discounts during August. This means that Monday to Wednesday in August, customers in restaurants, cafes and pubs can receive a 50% reduction on meals and non-alcoholic drinks up to £10 per head. You must register for the scheme using an app which will be available from Monday 13 July.
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