Cuts to SDLT and VAT to support COVID recovery
No SDLT on houses up to £500,000 in England and Northern Ireland and VAT cut to 5% to support hospitality
As part of the government’s plans to create jobs, the Chancellor confirms that from today (8 July 2020) no SDLT will be paid on houses up to £500,000 in England and Northern Ireland. The change, which aims to stimulate the ailing housing market, will remain in effect until 31 March 2021. This also applies to residential property purchases involving a company. The additional 3% second home rate will still apply.
To protect jobs in the hospitality sector, the Chancellor announced a six month cut in VAT rates to 5% on supplies of food and non-alcoholic drinks from restaurants, pubs, bars and cafés, as well as to supplies of accommodation and admission to tourist attractions. The rate reduction will come into force on 15 July and run until 12 January 2021.
If you are new to Revel and are keen to find out more, please call our consultant Will Bolter FCCA MAAT ATT (our designated COVID-19 response advisor) on 07379 451484 or contact us by email here.