Earlier this week the Chancellor outlined his plans to get the economy going again, following the impact of the coronavirus pandemic.
On Wednesday, Rishi Sunak announced the following:
- Furlough scheme extended until the end of September
- Self-Employment Income Support Scheme 4th and 5th grants confirmed
- Income tax thresholds frozen until 2026
- Stamp duty holiday extended until the end of June
- Corporation tax will increase to 25% in 2023 for businesses with profits of more than £250,000
- Business rates holiday extended until the end of June
- Reduced rate VAT will remain until the end of September for hospitality and tourism sectors
- New recovery loan for businesses has been announced worth £5billion
At STS (Europe) we have created an overview of the key points from the Chancellor’s announcement. For access to our overview click here.