Sunak’s Summer Statement 2020
The Chancellor, Rishi Sunak, announced further measures to support jobs and business sectors severely affected by the COVID outbreak.
Grants and reliefs offered included support for: employment, the beleaguered hospitality and tourism industry and included green initiatives as well as a novel scheme to get us to eat out in August.
Arguably one of the most significant changes is the VAT reduction for the hospitality and tourism industry whereby for the next six months VAT charged on food, accommodation, attractions, and other services in restaurants cafes and pubs, cinemas, theme parks, zoos and more will see VAT reduced from 20% to 5%. This will apply from 15th July 2020 and will end 12th January 2021.
The Government has released guidance on some of the new schemes, referenced below: