July 2020 Budget

Key Announcements:

Emergency Stamp Duty holiday; homebuyers will be exempt from paying Stamp Duty on the first £500,000 of any property price until 31st March 2021.

Job retention bonus; Businesses will be paid a £1,000 bonus for every furloughed worked who returns to work and remains employed until 31st January 2021.

The Government will subsidise jobs for unemployed young people. Employers can offer a 6-month placement to 16-24-year olds and the Treasury will cover 100% of the National Minimum Wage for up to 25 hours a week.

Between August 2020 & January 2021, the Government will pay businesses up to £2,000 for every new apprentice under 25 & £1,500 for every apprentice 25 and older.

Homeowners can receive grants to pay for “green” upgrades such as loft & wall insulation that make properties more energy efficient. Up to £5,000 per household can be received with the Government providing at least £2 for every £1 spent on improvements.

There will be a temporary VAT cut from 20% to 5% for food & non-alcoholic drinks and also for the hospitality & tourism sectors.

“Eat out to help out” discount for diners in August; customers at participating businesses can get 50% off meals with up to a £10 discount per head.