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09 Jul

DAMs key takeaways from the summer budget announcement

The Summer Budget statement is providing obvious welcome support, not only to employers, but also individuals, with a package of initiatives designed to help support individual financial saving, with key aspects including:

Temporary Stamp Duty Land Tax (SDLT) cut - The government will temporarily increase the Nil Rate Band of Residential SDLT, in England and Northern Ireland, from £125,000 to £500,000. This will apply from 8 July 2020 until 31 March 2021 and cut the tax due for everyone who would have paid SDLT. Government claim nearly nine out of ten people getting on or moving up the property ladder will pay no SDLT at all.

Chancellor Rishi Sunak also slashed VAT on food, accommodation and attractions from 20 per cent to 5 per cent, a tax cut worth up to £4 billion. These temporary cuts could mean having some additional money (no matter how small) to put towards saving, whilst still being able to enjoy the new freedoms of being able to eat out and begin to socialise with family and friends again. Mr Sunak said VAT will be reduced from July 15 until January 12 to help. but importantly, does not include alcohol.

He also revealed an "eat out to help out" plan for dining out in August to boost the hospitality sector, with a 50 per cent discount per head from Monday to Wednesday up to a maximum discount of £10 per diner.

 

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