Summary of Key Points from the Summer Statement:

As you will be aware the Chancellor today delivered his Summer Statement, which detailed a number of measures to help the UK economy rebuild.

Job Retention Bonus 

A one-off payment of ￡1,000 to UK employers for every furloughed employee who they bring back to work and who remains continuously employed through to the end of January 2021. The bonus payments will be paid from February 2021, with further details of the scheme being released by the end of the month.

Reduced VAT rate for hospitality accommodation and attractions. From the 15 July 2020 to 12 January 2021 VAT will be reduced to 5% for supplies of food, non-alcoholic drinks, accommodation and admission to attractions.

Eat Out to Help Out

A 50% discount, up to ￡10 per head, on meals at participating restaurants and other eligible food service establishments. The discount can be used unlimited times, Monday to Wednesday on eat-in meals for the entire month of August. Alcoholic drinks will be excluded from the scheme. Businesses which participate in the scheme will be fully reimbursed for the 50% discount.

SDLT Temporary Cut

The Nil Rate Band Residential SDLT will be increased in England and Northern Ireland from ￡125,000 to ￡500,000. This will apply from 8 July 2020 to 31 March 2021. This will mean nearly 9 out of 10 people buying a home will pay no SDLT during this time. 

Kickstart Scheme 

The scheme attempts to encourage employers to offer a high quality 6-month work placement for people aged 16-24 who are on Universal Credit and deemed to be at risk of long-term unemployment. The scheme will cover 100% of the relevant National Minimum Wage and associated employer costs for the individual during the placement.