On 8 July 2020 Rishi Sunak delivered a Summer Statement announcing new fiscal measures to support the UK in its recovery from the impact of the coronavirus impact. Read initial reactions and analysis from ICAEW's experts.
8 July: No SDLT on houses up to £500,000 in England and Northern Ireland, VAT cut to 5% to support hospitality and a £1,000 bonus for retaining furloughed employees were the headline tax changes in the Chancellor’s Summer Statement
8 July: Employers who retain staff for three months after the furlough scheme ends will receive £1,000 government ‘bonus’ for each employee, the Chancellor has announced.
8 July 2020: The Chancellor has cut stamp duty land tax (SDLT) to encourage confidence in the residential property market following the coronavirus lockdown.
8 July: VAT on eating out, accommodation and tourist attractions will be cut to 5% to help the UK’s hospitality sector recover from the impacts of the coronavirus pandemic.
On 24 June ICAEW's Chief Executive, Michael Izza, wrote to the Chancellor of the Exchequer ahead of the summer economic update. He outlined the three areas ICAEW believes should be the UK's priority in coming out of the current crisis: stabilising the economy in the short-term; building sustainability into the medium-term recovery plans; and securing the ability of British business to compete internationally in the long-term.
On 30 June Frank Haskew, Head of ICAEW's Tax Faculty, wrote to Jesse Norman the Financial Secretary to the Treasury ahead of the summer economic update. In the letter he outlines the three priorities ICAEW believes should guide future government policy: stabilising the economy in the short-term, building sustainability into the medium-term recovery plans, and securing the ability of British business to compete internationally in the long-term.