On Wednesday, 8 July 2020 the Chancellor announced in his Summer Statement a number of measures designed to aid in easing the financial impact of the Covid-19 pandemic.

Mr Sunak emphasised that we are only part way through the pandemic crisis and he will be coming back with further proposals later in the year – most notably in the planned Autumn Budget, when there will be a full major review of government spending (postponed from the pre-election timetable) as well as proposals for tax.

A couple of significant tax changes were included in the Summer Statement: businesses in the hospitality sector will enjoy a six-months VAT reduction to 5% from 15 July to 12 January in the new year. The other change was the increase in the Stamp Duty nil rate band to £500,000 in England and Northern Ireland intended to boost the housing market.

To read our analysis of the Summer Statement please click here.

If you would like to discuss any of these matters, please do not hesitate to contact your adviser.

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