In terms of financial developments this week there is not a huge amount to report that we have not already reported elsewhere. The biggest news this week was the more detailed information about the continuation and phased withdrawal of support for the Job Retention Scheme, as well as details of a second and final grant for the self-employed. My article with the details of this news can be found here. Remember that if you need to furlough any staff who have not been furloughed yet, you must do this by next Wednesday, 10 June, to ensure they have met the minimum 3 week furlough period by the closing date of 30 June for new applications.
Our Business Advisory partner Will Abbott continues to work closely with a number of businesses helping them to plan for life after Covid-19, including how to most effectively invest any support money and make the most of the opportunities that will arise as we return to the “new normal”. More details of this support and the free advice clinics available can be found here.
Another piece of tax news that I picked up in the last 24 hours concerns a relaxation around Stamp Duty Land Tax on a main residence. For a few years now, the purchase of a second home incurs an extra 3% SDLT surcharge, although as things stand there is a provision that allows you to reclaim that surcharge if the first home is sold within 3 years of the acquisition of the second home. This measure was designed to allow for situations where there was a delay in being able to sell the previous residence.
The government have just announced that this 3 year period can be extended where the second home was purchased on or after 1 January 2017, but it has not been possible to sell the previous home for reasons outside of your control. This can include (but is not limited to) delays due to Covid-19, or due to an action taken by a public authority, either of which prevents the sale from taking place.
As ever, we continue to offer our full array of business support remotely from home, so please contact us for any advice or support you need.
James Geary is head of Corporate Tax and is happy to help with any questions or concerns you may have at this time – you can contact James on email@example.com or 01242 776000 to arrange a call back.