Changes to the Coronavirus Job Retention Scheme from July 2021
The Coronavirus Job Retention Scheme has been extended until 30 September 2021 and the level of grant available to employers under the scheme will stay the same until 30 June 2021. From 1 July 2021, the level of grant will be reduced and you will be asked to contribute towards the cost of your furloughed employees’ wages.
The table below shows the level of government contribution available in the coming months.
You can continue to choose to top up your employees’ wages above the 80% total and £2,500 cap for the hours not worked at your own expense.
How is stamp duty changing from 1 July?
Stamp duty is a tax paid on property purchases.
Since June 2020, buyers haven’t had to pay any stamp duty on the first £500,000 of their purchase price.
However, from 1 July, stamp duty will kick in above £250,000 at the following rates:
• £0-£250,000 = 0%
• £250,001-£925,000 = 5%
• £925,001-£1,500,000 = 10%
• £1,500,000+ = 12%
From 1 October 2021, rates are due to return to normal. That means the point you to start paying stamp duty will revert back to £125,001:
• £0-£125,000 = 0%
• £125,001-£250,000 = 2%
• £250,001-£925,000 = 5%
• £925,000-£1,500,000 = 10%
• £1,500,000+ = 12%
What other help is there for first-time buyers?
From July, first-time buyers will not pay any stamp duty on property purchases up to £300,000. Landlords and second-home buyers were also able to make use of the tax cut. But they still had to pay the extra 3% of stamp duty they were charged under the previous rules.
If you have any queries do not hesitate to contact us