Summer Mini Budget 2020
Published / Last Updated on 08/07/2020
Job Retention Bonus
Furlough scheme replaced by Job Retention Bonus. Employers that take back their staff that have been furloughed, will be paid £1,000 bonus per employee if they are employed through to January 2021 and are paid at least £520 on average a month.
Trainees and Apprenticeships
Employers bonus of paid £1,000 to take on trainees and up to £2,000 to hire young apprentices - 16-24 year olds. The Government will pay the young people’s wage for 6 months.
VAT cut for the Hospitality Industry
From 15th July 2020 – 12th January 2021 - VAT on food, accommodation and attractions will be reduced to 5% from 20%.
Green Deal
A £2 billion Green Homes Grant providing vouchers to help landlords and homeowners make their properties more energy efficient.
Eating Out to Help Out
Eating out during August from Monday – Wednesday for businesses that register for the scheme will have 50% off, up to a maximum of £10 per head for everyone. Government will refund the money within 5 working days.
Stamp Duty
Abolished on transaction below £500,000 until 31st March 2021 with immediate effect. This will apply to all transactions but 2nd home and buy to let purchases will still pay the additional 3% stamp duty surcharge.
