Following Chancellor Rishi Sunak’s announcement yesterday, of a raft of new support measures alongside plans to shore up Britain’s finances in the wake of the coronavirus pandemic, the details of this year’s Budget gradually become clear to SMEs, entrepreneurs, startups and others in London and across the country.
Sunak set out extensions to the furlough scheme, business rates relief, the £20 uplift to weekly Universal Credit payments and the stamp duty holiday.
While the fineprint of some of Sunak’s Budget is still being scrutinised, City A.M. zooms in on a few key decisions to see what those who are impacted the most make of the proposals.
Developers and property firms welcomed the Chancellor’s extension of the stamp duty holiday. Sunak confirmed yesterday that the higher stamp duty threshold of £500,000 will remain in place until 30 June, an extension of the original 30 March deadline.
He also announced that the end of the tax break will be tapered,…