Summer Statement

Chancellor Rushi Sunak MP set out a comprehensive range of fiscal incentives to stimulate the Property, Construction, Leisure & Hospitality Sectors - A Welcome 'Shot in the Arm' to help counter the impact of Covid-19

Pub Image - Summer Statement

Today, (08 July 2020) the Chancellor, Rishi Sunak MP, made a ‘Summer Statement’ to update us all on the Government’s fiscal incentives to help re-energise the UK economy and particularly new measures to support the delicate recovery of our Leisure, Hospitality and Tourism businesses.

Mr Sunak seemed determined to extend the valuable support for businesses, with measures including bonus payments for employers taking back on furloughed staff and keeping them employed through to the end of January 2021.

“A surprising level of continued support and varied array of measures to help encourage spending in key sectors, protect jobs and stimulate further employment and economic activity across a range of sectors” - Alun Oliver, E³ Consulting Managing Director.

Further details are expected over the next few days.  In our attached Property & Construction Highlights (see side panel) we draw upon the HM Treasury ‘Red Book’ details.  Our summary focuses on the key tax, property and construction changes and does not cover all aspects of the Summer Statement.

Leisure, Hospitality & Tourism

There were significant measures to reduce VAT costs on Leisure, Hospitality & Tourism transactions (accommodation, food & non-alcoholic drinks). With Reduced rate of 5% from 15 July 2020 through to 12 January 2021.  Incentives to encourage the country to support these fragile businesses within the Hospitality sector with Government backed discount vouchers throughout August. 

Construction

A massive programme of construction and maintenance across the 'Government Estate' and infrastructure.  Green building incentives to address legacy residential estate and again support local & regional construction firms. 

Property

SDLT reduction for Residential properties up to £500,000 from 08 July 2020 until 31 March 2021. 

 

Our detailed review is available from the side panel.

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