Houses of Parliment

Summer Statement Summary

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Highlights

  • 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.


Please get in touch for more information or advice following the Summer Statement on 0808 144 5575 or email or help@armstrongwatson.co.uk.

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