2020 Summer Statement

Jul. 10, 2020, 10:55am

Chancellor Rishi Sunak presented the Summer Economic Update (Summer Statement) against a backdrop of economic uncertainty caused by coronavirus (COVID-19) lockdown.

So what did the Chancellor say, and more importantly, what did it actually mean?

Our summary of the 2020 Summer Statement is now available – click here.

The summary provides an overview of the key announcements arising from the Chancellor’s speech. Measures include a new Job Retention Bonus to support the phasing out of the Coronavirus Job Retention Scheme (CJRS), a VAT reduction for businesses in the hospitality and tourism sector and a temporary increase to the nil-rate band of residential Stamp Duty Land Tax (SDLT).

Additionally, throughout the Summary you will find informative comments to help you assess the effect that the proposed changes may have.

If you would like some more detailed, one-to-one advice on any of the issues raised in the Chancellor’s speech, please do get in touch.

If you have a question concerning any of the issues covered in this summary, or would like advice on the best possible course of action in a particular area, please do not hesitate to contact us.

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