Summer Economic Update 2020

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Chancellor Rishi Sunak presented the Summer Economic Update against a backdrop of economic uncertainty caused by COVID-19 lockdown.

Our summary of the Summer Economic Update provides an overview of the key announcements arising from the Chancellor’s speech.

Measures 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).

Additionally, throughout the Summary you will find informative comments to help you assess the effect that the proposed changes may have.

If you would like more detailed, one-to-one advice on any of the issues raised in the Chancellor’s speech, please do get in touch.

Mark Moore

Tax Partner

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