08 July 2020

Big Changes after Mini-Budget

Mini-Budget News

Well……what an unusual day. Chancellor Rishi Sunzak in his mini-budget today gave many of us something to smile about.

VAT cut

Great news for the hospitality industry is the cut in VAT from 20% down to 5% and pubs are included.

Government Discounts of Meals

Then he went on to announce something we all thought a bit unusual but still a great idea. During the month of August restaurants and pubs can offer 50% discounts of up to £10 per person on meals served during Monday, Tuesday and Wednesdays.

Those businesses can claim the discount back from the government via a special website being set up for next week. But only non-alcoholic drinks are included in the discount scheme.

Stamp Duty Threshold increased to £500,000

Great news for anyone thinking about placing their property on the market from today.

The threshold for paying zero stamp duty was increased from the current £125,000 to £500,000. Remember stamp duty is normally payable by the buyer.

Here are some examples of the savings on property sales from today.

 Property Selling
Price
£
 Buyer would
normally pay
£
 Buyer now
Pays
£
 495,00014,750 
 395,0009,750 
 295,0004,750 
 195,0001,400 
 175,0001,000 
 150,000500 

The Chancellor made other announcements today all designed to help put life back into our economy post Covid-19.

I’m sure all of us want these special incentive measures to work for the good of the economy and help us stay in employment.

Thanks for reading.

I’m always happy to help property sellers and buyers

01777 237310 Messages to 07981 744003 
geraldbowers@thegoodea.co.uk
The Good Estate Agent – North Nottinghamshire

 

 

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