Chancellor to deliver Summer Economic Update

Chancellor Rishi Sunak will deliver the Summer Economic Update today, in which he will announce measures to help boost the UK economy following the coronavirus (COVID-19) lockdown.

The Chancellor is expected to cut taxes in order to help the UK economy recover following the COVID-19 lockdown.

Experts predict that the Chancellor will reduce VAT for businesses in the hospitality sector and outline further plans to increase investment in training and apprenticeship schemes.

Many also anticipate a six-month stamp duty holiday which would see the stamp duty threshold raised temporarily from £125,000 to between £300,000 and £500,000.

Additionally, the government recently announced a £1.6 billion bespoke package of loans and grants to help the UK's arts and heritage sector recover from the lockdown. The Chancellor is expected to provide funds to other sectors in order to support growing industries.

Some also believe that a so-called 'wealth tax' could be announced by the Chancellor. This would take the form of a levy on individuals' personal wealth.

The Summer Economic Update will be delivered at midday today. We will keep you up to date on the key announcements.

cashflow-logo.jpg freeagent-logo.jpg quickbooks-logo.png xero-logo.png

Address

Bell Ogilvy, 36 King Street, Castle Douglas, Dumfries & Galloway DG7 1AF

Contact us today!

01556 502377

© 2020 Bell Ogilvy Chartered Accountants. All rights reserved. powered by totalSOLUTION

In accordance with the disclosure requirements of the Services Regulations 2009 our professional indemnity insurer is Brunel Professional Risks Limited, St Thomas Court, Thomas Lane, Bristol BS1 6JG.
The territorial coverage is worldwide (excluding professional business carried out from an office in the United States of America or Canada) and excludes any action for a claim brought in any court in the United States of America or Canada.
We use cookies on this website, you can find more information about cookies here.