Latest News

LBTT threshold must be implemented immediately

09 July 2020

In response to the Chancellor's Summer Statement at Westminster, the Cabinet Secretary for Finance, Kate Forbes MSP, has said that the Scottish Government will raise the threshold for Land and Buildings Transaction Tax (LBTT) from £145,000 to £250,000. Read More...

Electronic signatures for conveyancers

09 July 2020

HM Land Registry has today, 9 July issued draft guidance on the introduction of e-signatures in order to tackle the issues that legal formalities have caused during the COVID-19 pandemic. Read More...

Court case brings to light the importance of Sales Protocol Toolkit

09 July 2020

A recent case where a surveyor failed to identify serious remedial issues has highlighted the importance of using Propertymark’s Sales Protocol Toolkit to help minimise potential misconduct when selling a property. Read More...

Government introduces Job Retention Scheme

08 July 2020

The Chancellor, Rishi Sunak, launched today, 8 July, a new scheme to encourage business to keep furloughed workers providing a £1,000 one-off payment to UK employers for every employee they bring back from furlough, who remains in employment until the end of January 2021. Read More...

Greater flexibility built into Job Retention Scheme

Monday 01 June 2020

Chancellor Rishi Sunak announced on Friday 29 May, changes to the Job Retention Scheme (commonly known as the Furlough Scheme).

Propertymark pushed the Government, for greater flexibility in the furlough scheme, and is pleased to see that this flexibility has been introduced. This will help agencies to bring back more employees while they establish business needs.

So far, the scheme has helped 1 million employers across the UK furlough 8.4 million jobs, and this will continue through June and July in its current form with the Government paying 80 per cent of wages up to £2,500 per month – with no employer contribution.

The scheme will close to new entrants from 30 June 2020. The final date by which an employer can furlough an employee for the first time will be 10 June 2020.

Flexible furlough from 1 July

Employers will have more freedom to bring employees back part-time under a new ‘flexible furlough’ scheme. This is a month earlier than previously announced to help support people back to work. Employers must pay wages for the hours their employees work and may still claim under the scheme for hours not worked. Arrangement for flexible furlough must be agreed with employees.

Employers begin to pay in August

The Government will continue to pay 80 per cent wages up to a cap of £2,500. However, from August employers will be asked to pay National Insurance and pension contributions.

Reduction in Government contribution

From September, the Government is asking employers to start contributing and will pay 70 per cent of wages up to a cap of £2,187.50 for any hours the employee is furloughed. Employers will then pay 10 per cent of wages to make up the amount to 80 per cent up to a cap of £2,500. For the average claim, this represents 14 per cent of the gross employment costs the employer would have incurred had the employee not been furloughed.

In October, the Government will reduce their contribution to 60 per cent, with employers paying 20 per cent.

Current schemes

Support for the self-employed

The Self-Employment Income Scheme will be extended, with applications opening in August for a second and final grant covering three months’ worth of average monthly trading profits up to 70 per cent or a maximum total of £6,570.

The first grant was worth 80 per cent of the individual’s average monthly trading profits up to a maximum of £7,500. Applications for the first grant close on 13 July 2020.

Changes to the schemes

The Chancellor advised there will be no further extensions or amendments to these schemes.

PROPERTYMARK POST PANDEMIC PLAN

Propertymark’s Post Pandemic Plan articles support agents with their preparations to emerge from the Coronavirus lockdown and prepare them to maximise market potential, add value, and underpin their business.

For non-members, the articles can be found on the news section of the NAEA Propertymark website or, for members, they can be found by logging into the members' area below which lists all of the guidance available.

Members' area