Summer Economic Update 2020: Our summary

The announced measures were heavily geared to the protection and creation of jobs, whilst also shining a light on the regeneration of hospitality sector and with measures to kick-start the property market over the coming months.

Sunak’s key announcements 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).

Our summary of the Summer Economic Update provides an overview of the key announcements arising from the Chancellor’s speech, with insights and comments to help you assess the effect that the proposed changes might have on you, your business and your family wealth.

If you would like more detailed, one-to-one advice on any of the issues raised in the Chancellor’s speech, please contact your usual UHY adviser, or find one of our specialists who are local to you on our website.

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