Businesses and families will welcome extensions to various legal relaxations and support measures to help them through COVID-19.
These include the following:
- A moratorium stopping bailiff evictions of commercial tenants has been extended to the end of June. Many tenants are trying to get out of their leases or negotiate fresh terms once the COVID restrictions are lifted, so they are then free to concentrate on rebuilding their businesses.
- The ban on evictions of residential tenants (except in exceptional circumstances such as fraud or domestic abuse) has been extended until 31 May, as has the requirement for landlords to give residential tenants six months’ notice.
- The Coronavirus Job Retention Scheme (furlough), due to end on 30 April, has been extended to 30 September 2021. However, the amount employers have to contribute will increase in two phases, once for July payment and then again for August and September payments.
- The Self Employed Income Support Scheme is extended to 30 September 2021 but with various changes.
- The temporary reduction in VAT for hospitality and leisure businesses will be extended until the end of September 2021. It will then increase to 12.5% until 31 March 2022, when it will return to 20%.
- The Stamp Duty Relief scheme, which increased the threshold before stamp duty was payable on completion of a property purchase from £125,000 to £500,000, has been extended to 30 June 2021 in England and Northern Ireland. The threshold will then be lowered to £250,000 for completions between 1 July 2021 and 30 September 2021, before returning to £125,000 from 1 October 2021.
- Businesses in the retail, hospitality and leisure sectors in England will continue to benefit from 100% business rates relief until 30 June 2021. This will be followed by a period of 66% rate relief for qualifying businesses until 31 March 2022 (capped at £2 million per business).
Operative date
- Now
Recommendation
- Businesses and families should consider whether they are eligible to take advantage of and/or claim the various legal relaxations and support measures introduced by the government to help them through COVID-19.
Disclaimer
This article from Atom Content Marketing is for general guidance only, for businesses in the United Kingdom governed by the laws of England. Atom Content Marketing, expert contributors and ICAEW (as distributor) disclaim all liability for any errors or omissions.
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