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Hardship Fund

Source: HM Government | | 17/03/2020

The huge monetary and fiscal stimulus measures announced by the government and the Bank of England has seen amongst other measures interest rates lowered by 0.5% and a significant package of targeted measures to help support those affected.

One of these measures was the launch of a new £500 million Hardship Fund to help support economically vulnerable people and households. The details on this fund are hard to come by, but it appears the money will be distributed to Local Authorities by government. The government expects most of this funding to be used to provide more council tax relief, either through existing Local Council Tax Support schemes or similar measures.

This Hardship Fund will likely need to be scaled up over the coming months as the full force of COVID-19 becomes apparent. We would also be interested to see further information on who will be eligible to claim from this fund. We will publish more information on this scheme as it becomes available.

 

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McAllisters is a partnership trading from Paxton House, 11 Woodside Crescent, Glasgow providing accountancy and tax services and general business advice and is a member of ICAS (Registration No 0342) and an FCA exempt professional firm (No 301235). Its VAT number is 261 3019 94

McAllisters (Scotland) Ltd is a related business providing tax and business advisory services to McAllisters and its clients. McAllisters (Scotland) Ltd is registered in Scotland (Registration number SC146856). Its VAT number is 624 0564 62.

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