Coronavirus-related loans, grants and finance for businesses
Here we've summarised the various loans, grants and finance being made available to businesses affected by the pandemic.
23 October 2020
In addition to the points on this page, there are also various deferrals of tax payment deadlines and reliefs currently in place. For a comprehensive list of support measures which have been introduced to support businesses in the current climate, see here.
What's new on 23 October 2020 - see the relevant section below:
The Self Employed Income Support Scheme has now closed to applications for its second grant.
The next Self Employed Income Support Scheme grant is available from 1 November. It will increase the amount of profits it covers from 20% to 40%. This means the maximum grant will rise from £1,875 to £3,750.
Further changes have been made to the Job Support Scheme Open (for businesses whose premises are permitted to remain open). These reduce the employer contribution to employees unworked hours to just 5%, and reduces the minimum hours requirements to 20%. This means those working just one day a week will now be eligible. It also means that if someone was being paid £587 for their unworked hours, the government would contribute £543 and their employer £44.
The Chancellor has announced cash grants of up to £2,100 per month primarily for businesses in the hospitality, accommodation and leisure sector who may be adversely impacted by the restrictions in high-alert level areas.
The Coronavirus Job Retention Scheme
Through this Scheme the Government made grants available to businesses to cover 80% of the wages for employees not working, up to £2,500 a month. The grants were backdated to 1st March.
Note: The Government has made changes to the Coronavirus Job Retention Scheme. See here.
The Scheme closed to new entrants from 30 June. Employers had until 31 July to make any claims in respect of the period to 30 June.
From 1 July, employers could bring furloughed employees back to work for any amount of time and any work pattern, while still being able to claim the grant for the hours not worked. From this date, only employees that employers have successfully claimed a previous grant for will be eligible for more grants under the scheme.
From 1 August 2020, the level of Government grant provided through the Scheme was slowly tapered to reflect people returning to work. The Scheme will finish on 31 October. See the following timescale.
Timeline and tapering of relief
June and July 2020: The Government paid 80% of wages up to a cap of £2,500 as well as employer National Insurance (ER NICS) and pension contributions. Employers were not required to pay anything.
August 2020: The Government paid 80% of wages up to a cap of £2,500. Employers paid ER NICs and pension contributions – for the average claim, this represented 5% of the gross employment costs the employer would have incurred had the employee not been furloughed.
September 2020: The Government paid 70% of wages up to a cap of £2,187.50. Employers paid ER NICs and pension contributions and 10% of wages to make up 80% total up to a cap of £2,500. For the average claim, this represented 14% of the gross employment costs the employer would have incurred had the employee not been furloughed.
October 2020: The Government will pay 60% of wages up to a cap of £1,875. Employers will pay ER NICs and pension contributions and 20% of wages to make up 80% total up to a cap of £2,500. For the average claim, this represents 23% of the gross employment costs the employer would have incurred had the employee not been furloughed
30 November 2020 is the last day employers can submit claims for periods ending on or before 31 October 2020. After this date you will not be able to submit any further claims or add to existing claims.
Is the Scheme open to your organisation?
The scheme was open to all UK employers that had created and started a PAYE payroll scheme on 19 March 2020.This included:
- recruitment agencies (agency workers paid through PAYE)
- public authorities
Where a company is being taken under the management of an administrator, the administrator will be able to access the Job Retention Scheme.
From 1 July only employees that employers have successfully claimed a previous grant were eligible for more grants under the scheme.
The Scheme is applicable to company directors. They too can be furloughed and still continue to perform their obligations as a statutory director (provided they don’t provide any executive services to their employer). Salaried individuals who are directors of their own personal service company (PSC) can also benefit from the Scheme. This is likely to help freelancers, contractors etc who have a limited company.
To claim for wages under the Coronavirus Job Retention Scheme, see the latest Government guidance (including what you'll need to have to hand) here.
Note: You cannot make more than one claim during a claim period – you should make your claim shortly before or during running payroll.
Job Support Scheme from 1 November 2020
In his Winter Economy Plan statement, the Chancellor announced a replacement for Coronavirus Job Retention Scheme in the form of the Job Support Scheme (JSS). It will run for six months from 1 November. For a detailed explanation about the Scheme, see here.
The Chancellor has since announced the Job Support Scheme will be expanded to support businesses across the UK required to close their premises due to coronavirus restrictions. See here
There are now two strands to the Scheme
Note: on 22 October, the Chancellor adjusted the terms of the Job Support Scheme Open (JSS Open) to give additional support to businesses. These changes are reflected below.
1. The Job Support Scheme Open (JSS Open) - for those businesses not forced to shut their premises because of local or national lockdown measures:
- Employees will need to work a minimum of 20% of their usual hours and the employer will continue to pay them as normal for the hours worked.
- Alongside this, the employee will receive 66.67% of their normal pay for the hours not worked - this will be made up of contributions from the employer and from the Government.
- The employer will pay 5% of reference salary for the hours not worked, up to a maximum of £125 per month, with the discretion to pay more than this if they wish.
- The Government will pay the remainder of 61.67%, of reference salary for the hours not worked, up to a maximum of £1,541.75 per month.
- This is designed to ensure employees continue to receive at least 73% of their normal wages, where they earn £3,125 a month or less.
This means those working just one day a week will now be eligible. It also means that if someone was being paid £587 for their unworked hours, the government would contribute £543 and their employer £44.
2. The Job Support Scheme Closed (JSS Closed) - for those businesses required to shut as part of local or national restrictions:
- The Government will support eligible businesses by paying two thirds of each employees’ salary (or 67%), up to a maximum of £2,100 a month.
- Employers will not be required to contribute towards wages and only asked to cover NICS and pension contributions.
- Businesses will only be eligible to claim the grant while they are subject to restrictions and employees must be off work for a minimum of seven consecutive days.
- The scheme will begin on 1 November and will be available for six months, with a review point in January.
- In line with the rest of the JSS, payments to businesses will be made in arrears, via a HMRC claims service that will be available from early December. Employees of firms that have been legally closed in the period before 1 November are eligible for the CJRS.
The Scheme is UK wide and the UK Government will work with the devolved administrations to ensure the scheme operates effectively across all four nations.
The Job Support Scheme will be open from 1 November 2020 and run for 6 months, until 30 April 2021. An employer can claim the JSS Open and JSS Closed grant at the same time for different employees. An employer cannot, however, claim for a single employee under both schemes at the same time.
Employers will be able make their first claim from 8 December 2020 on GOV.UK to cover salary for pay periods ending and paid in November. Subsequent months will follow a similar pattern, with the final claims for April being made from early May.
Employers will be able to access the Job Support Scheme if:
- they have enrolled for PAYE online
- they have a UK, Channel Island or Isle of Man bank account
Additional eligibility criteria will apply depending on whether the employer is claiming a JSS Open grant or JSS Closed grant. For more detail see here
Neither the employer nor the employee needs to have benefitted from the Coronavirus Job Retention Scheme to be eligible for the Job Support Scheme.
How to apply
Further guidance on the steps that employers need to take to calculate and make a claim to the Job Support Scheme will be published by the end of October. In the meantime, read the latest Government guidance here
Agents, such as accountants, who are authorised to do PAYE online for employers will be able to claim on their behalf.
Job Retention Bonus
In his Summer Statement, Chancellor Rishi Sunak announced that to encourage employers to support those people who have been furloughed, a Job Retention Bonus will be introduced.
The Job Retention Bonus will provide a one-off payment of £1,000 to UK employers for every previously furloughed employee who remains continuously employed through to the end of January 2021. Employees must earn more than £520 a month on average between the beginning of November and the end of January 2021 and a total of at least £1,560 across the three months.
Those who were furloughed and had a claim submitted for them after the 10 June (when the CJRS closed to new entrants), because they were returning from paternal leave or time serving as a military reservist will also be eligible for the bonus as long as they meet the other eligibility criteria
Employers will also be eligible for employee transfers protected under TUPE legislation, provided they have been continuously employed and meet the other eligibility criteria and the new employer has also submitted a CJRS claim for that employee
Qualifying businesses will be able to claim the bonus between 15 February 2021 and 31 March 2021.
More details have now been released about the Scheme, including the qualifying criteria. See here.
Business and sector-specific grants
Note: The following grants only apply to businesses in England, as they are connected to business rates. Rates in Scotland, Wales and Northern Ireland are set by their devolved administrations.
Local Restrictions Support Grant scheme
In September 2020, the Government announced a new grant scheme (in addition to the Job Support Scheme) for those businesses required to close under local lockdown restrictions. Eligible businesses can receive up to £3,000 per month, and are now eligible for payment after only two weeks of closure (rather than the three initially announced).
- Properties with a rateable value of £15,000 or under will receive grants of £667 per two weeks of closure (£1,334 per month).
- Properties with a rateable value of over £15,000 and less than £51,000 will receive grants of £1,000 per two weeks of closure (£2,000 per month).
- Properties with an rateable value of £51,000 or over will receive grants of £1500 per two weeks of closure (£3,000 per month).
This Scheme has been extended to include businesses which have been forced to close on a national rather than a local basis.
For more detail including eligibility criteria - see here.
In October 2020, the Government announced further cash grants of up to £2,100 per month primarily for businesses in the hospitality, accommodation and leisure sector who may be adversely impacted by the restrictions in high-alert level areas. These grants will be available retrospectively for areas who have already been subject to restrictions, and come on top of higher levels of additional business support for Local Authorities moving into Tier 3. See the further information section here. Also see the Government's Business Grants Factsheet here
Small Business and Retail, Hospitality and Leisure grants
During Spring 2020, the Government gave £25,000 grants to retail, hospitality and leisure businesses operating from smaller premises, with a rateable value over £15,000 and below £51,000. Local Authorities in England wrote to those eligible. For more information, see here.
Through the Small Business Grant Fund the Government also provided a one-off grant of £10,000 to around 700,000 business eligible for SBRR or Rural Rate Relief, to help meet their ongoing business costs. Local Authorities in England contacted those eligble. For more information see here.
Note: The Government closed the Small Business and Retail, Hospitality and Leisure grants schemes on 28 August. Businesses should bear in mind that these grants are taxable and will need to be accounted for in their annual accounts and tax computation.
New grants of between £1,000 - £5,000 will be made available to help small and medium sized businesses access new technology and other equipment as well as professional, legal, financial or other advice.
The support will be fully funded by the Government with no obligation for businesses to contribute financially. The funding has been allocated to Growth Hubs within each Local Enterprise Partnership (LEP) area to distribution. For more information see here
Job creation grants
On 8 July, the Chancellor's Summer Statement included a number of grants designed to encourage job creation and protection - particularly for young people.
The Kickstart Scheme, which only covers Great Britain, aims to provide “hundreds of thousands of high quality six-month work placements” for those aged 16-24, who are on Universal Credit and are considered to be at risk of long-term unemployment. Government funding for each job will cover 100% of the relevant National Minimum Wage for 25 hours a week plus the associated employer NICs and employer minimum automatic enrolment contributions (a maximum of about £6,500). There is to be no cap on the cost of the scheme. See more information here.
There is also £1,500 per job placement available for setup costs, support and training.
Funding is available following a successful application process. Applications must be for a minimum of 30 job placements. If you are unable to offer this many job placements, you can partner with other organisations to reach the minimum number. Some organisations like Chambers of Commerces are helping small businesses partner up to utilise the scheme. There are also regional contacts to help employers with the kickstart scheme process - see here.
If you are a representative applying on behalf of a group of employers, you can get £300 of funding per job placement, to support with the associated administrative costs of bringing together these employers. For more information, see here.
Information about applying for the grant can be found here.
Employers who provide work experience for 16-24-year-olds in work placements and training will receive a payment of £1,000 per trainee. Provision of traineeships and eligibility for them will be extended to those with Level 3 qualifications and below, to ensure that more young people have access to training. Detail regarding the grant has yet to be published. For more information see here.
Payments for employers who hire new apprentices
Employers in England will receive a new payment of £2,000 for each new apprentice they hire aged under 25, and a £1,500 payment for each new apprentice they hire aged 25 and over.
The scheme will run from 1 August 2020 to 31 January 2021. These payments will be made in addition to the existing £1,000 payment the Government already provides for new 16-18-year-old apprentices, and any of those aged under 25 with an Education, Health and Care Plan. More detail about the Scheme is expected from the Government. In the meantime, see here.
The Self-Employed Income Support Scheme
Applications for the second grant (which opened on 17 August) have now closed. This could be claimed for even if you did not make a claim for the first grant. This second taxable grant was worth 70% of your average monthly trading profits, paid out in a single instalment covering a further 3 months’ worth of profits, and capped at £6,570 in total.
At the end of September, the Chancellor announced the SEISS will be extended from 1 November 2020, in the form of two new grants. On 22 October he also raised the amount of profits covered by these two grants from 20% to 40%. This means the maximum grant will increase from £1,875 to £3,750.
The scheme’s new terms are:
- The new SEISS grant will only be available to self-employed individuals who were eligible for the past scheme, who are actively continuing to trade but are facing reduced demand due to Covid-19.
- The two taxable grants will be paid in two lump sum instalments each covering a three-month period. The first grant will cover a three-month period from 1 November 2020 until 31 January 2021.
- The Government will provide a taxable grant covering 40% of average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £3,750 in total.
- The second grant will cover a three-month period from 1 February 2021 until 30 April 2021. The Government will review the level of the second grant and set this in due course.
The grants are subject to income tax and National Insurance contributions but does not need to be repaid. Recipients are warned to be mindful of when the tax is due on the various grants - see this article.
Find out more about the SEISS here
Eligibility criteria for the Scheme:
The Scheme is open to a self-employed individual or a member of a partnership if they:
have been previously eligible for the Self-Employment Income Support Scheme first and second grant (although they do not have to have claimed the previous grants)
declare that they intend to continue to trade and either:
- are currently actively trading but are impacted by reduced demand due to coronavirus, or
- were previously trading but are temporarily unable to do so due to coronavirus
How to claim
HMRC have yet to release details about claiming and the application process.
Note: as was the case with the previous two grants, it's highly likely a self-employed person's accountant, tax agent or adviser cannot make the third and fourth claim on their behalf. A self-employed person must make the claim themself. Do get in touch with your Shipleys contact for advice ahead of making the submission.
If people have only just started out as a self-employed person and haven’t completed a tax return yet, they will not be able to benefit from the Scheme and are directed to make use of the new welfare arrangements, such as Universal Credit.
Loans and finance
On the 24 September the Chancellor announced that the Government’s three Coronavirus business interruption loan schemes and the Future Fund would close to new entrants on 30 November. This extended the previously scheduled closing dates of 30 September (for CBILS and Future Fund), 20 October (for the CLBILS), and 4 November (for the Bounce Back Loan Scheme) so all were in alignment.
The Future Fund
The £500 million Future Fund is delivered in partnership with the British Business Bank. It provides UK-based companies with between £125,000 and £5 million from the Government, with private investors at least matching the Government commitment. The loans will automatically convert into equity on the company’s next qualifying funding round, or at the end of the loan if they are not repaid.
To be eligible, a business must satisfy these criteria:
- it is UK-incorporated - if your business is part of a corporate group, only the parent company is eligible
- it has raised at least £250,000 in equity investment from third-party investors in the last 5 years
- none of its shares are traded on a regulated market, multilateral trading facility or other listing venue
- it was incorporated on or before 31 December 2019
- at least one of the following is true:
- half or more employees are UK-based
- half or more revenues are from UK sales
To find out more from the British Business Bank and to apply, see here
On the 30 June 2020 the Government announced that more firms could now benefit from the Future Fund. In particular, companies which have participated in accelerator programmes are now eligible for scheme - see here.
The Future Fund will close to applications on 30 November 2020.
Targeted support for innovative small and medium-sized businesses via Innovate UK
The £750 million of targeted support for the most R&D intensive small and medium size firms is now available through Innovate UK’s grants and loan scheme. Innovate UK, the national innovation agency, is accelerating up to £200 million of grant and loan payments for its 2,500 existing customers on an opt-in basis. (Note: continuity grants are available until 29 May 2020). Find out more here.
An extra £550 million will also be made available to increase support for existing customers and £175,000 of support will be offered to around 1,200 firms not currently in receipt of Innovate UK funding. The first payments will be made by mid-May. This package builds on the Government’s existing support for innovative, high-growth firms including:
- The £2.5 billion British Patient Capital fund
- The upcoming £200 million Life Sciences Investment Programme
- R&D tax reliefs
Sustainable Innovation Fund
On 27 June the Government announced a new Sustainable Innovation Fund. This £200m fund from the Government is open to companies across the UK who need urgent financial support to keep their cutting-edge projects and ideas alive. See here.
This funding, delivered through Innovate UK, forms part of the wider £750 million package of grants and loans announced in April to support innovative firms. It sits alongside the £500 million Future Fund (see above). Businesses can apply for support through the Sustainable Innovation Fund by visiting the Innovate UK website from Monday 29 June. See here
Business Interruption Loans
Government-backed loan support for businesses is currently delivered through four routes:
- Business Bounce Back Loan Scheme - Small businesses can borrow between £2,000 and £50,000. The loans will be interest free for the first 12 months. View more information here.
- Coronavirus Business Interruption Loan Scheme (CBILS) for small to medium sized businesses, the Government will provide loans of up to £5m per business with no interest for 12 months. The British Business Bank has outlined more details of the Coronavirus Business Interruption Loan Scheme (CBILS) along with answers to frequently asked questions. View it here.
- Coronavirus Large Business Interruption Loan Scheme (CLBILS) for larger businesses with a turnover of more than £45m impacted by COVID-19. This will be delivered through commercial lenders, with a Government guarantee of 80%. View more information here and here
- The Covid-19 Corporate Financing Facility (CCFF) for large firms - the Bank of England will buy short term debt from larger companies. This will support a company if it has been affected by a short-term funding squeeze, and allow it to finance its short-term liabilities. It will also support corporate finance markets overall and ease the supply of credit to all firms.
The Business Bounce Back Loan Scheme
This loan scheme was designed to help small and medium-sized businesses borrow between £2,000 and £50,000. The Government will guarantee 100% of the loan and there won’t be any fees or interest to pay for the first 12 months.
Under the original BBLS arrangements, the borrower did not have to make any repayments for the first 12 months, with the government covering the first 12 months’ interest payments. The maximum loan repayment term was six years. At the end of the September, the Chancellor announced under new ‘Pay as You Grow’ options for BBLS that:
- New and existing borrowers will have the option to repay their loan over a period of up to ten years.
- UK businesses will also have the option to move temporarily to interest-only payments for periods of up to six months. This option can be used up to three times.
Alternatively, businesses can pause their repayments entirely for up to six months, although this option is only available after six payments have been made and can be used just once.
Qualification criteria for the BBLS
You can apply for a loan if your business:
- is based in the UK
- has been negatively affected by coronavirus
- was not an ‘undertaking in difficulty’ on 31 December 2019
- is not in bankruptcy, liquidation or undergoing debt restructuring
You are not eligible to apply if your business:
- is a bank, insurer or reinsurer (but not an insurance broker)
- a public-sector body
- a further-education establishment, if you are grant-funded
- a state-funded primary or secondary school
- if you have secured funding from the Coronavirus Business Interruption Loan Scheme - however, If you’ve already received a loan of up to £50,000 under the CBILS and would like to transfer it into the Bounce Back Loan Scheme, you can arrange this with your lender until 4 November 2020.
Note: the Business Bounce Back Loan Scheme is due to close to new applicants on 30 November 2020.
The Coronavirus Business Interruption Loan Scheme (CBILS)
Details of the loan assistance can be viewed here and the lenders who are signed up for the Scheme can be viewed here. The British Business Bank has published this eligibility check for SMEs to complete ahead of contacting one of the lenders. View it here.
At the end of September, the Chancellor announced CBILS lenders will be allowed to extend the term of a loan up to ten years, while retaining the benefit of the 80% government guarantee.
In summary, to be eligible for a facility under CBILS, a small business (SME) must:
- Be UK-based in its business activity
- Have an annual turnover of no more than £45 million
- Have a borrowing proposal which the lender would consider viable, were it not for the current pandemic
- Self-certify that it has been adversely impacted by the coronavirus (COVID-19).
Importantly, access to the Scheme has opened up to smaller businesses facing cashflow difficulties who previously would not have been eligible for CBILS because they met the requirements for a standard commercial facility. Businesses are encouraged to re-contact their lenders if they have previously been unsuccessful in securing funding.
Businesses will need to apply for the Coronavirus Business Interruption Loan Scheme (CBILS) by 30 November 2020.
The Coronavirus Large Business Interruption Loan Scheme (CLBILS)
The Coronavirus Large Business Interruption Loan Scheme (CLBILS) provides a Government guarantee of 80% to enable banks to make loans of 25% of a company's annual turnover up to a maximum of £200million.
The CLBILS is offered through a list of accredited lenders listed on the British Business Bank website. Facilities backed by a guarantee under CLBILS are offered at commercial rates of interest.The Government will provide lenders with an 80% guarantee on individual loans for businesses that would be otherwise unable to access the finance they need.
The elibility criteria is as follows::
- the business must be based in the UK
- the business has an annual turnover of over £45 million
- the business has not received a facility under the Bank of England’s COVID-19 Corporate Financing Facility (see below)
A business will also need to demonstrate
- it would be viable were it not for the pandemic
- it has been affected by coronavirus
- the loan will enable it to trade out of any short-term to medium-term difficulty resulting from coronavirus
- If you’re borrowing more than £50 million you must agree to restrictions on dividend payments, senior pay and share buy-backs during the period of the loan. Check the eligibility requirements.
- Lenders will need further information to confirm eligibility. All lending decisions remain fully delegated to the accredited lenders.
Businesses from any sector can apply, except for the following:
- banks and building societies
- insurers and reinsurers (but not insurance brokers)
- public-sector organisations, including state-funded primary and secondary schools. Note: since 4 May 2020 further education establishments are eligible for the scheme.
For more information and to apply, see here.
Businesses will need to apply for the Coronavirus Business Interruption Loan Scheme (CBILS) by 30 November 2020
Eligibility for the Covid-19 Corporate Financing Facility (CCFF)
For larger businesses, details of the eligibility criteria for the Covid-19 Corporate Financing Facility (CCFF) can be found here
The Covid-19 Corporate Financing Facility will remain open until 22 March 2021. Where a company has exhausted all other options, and is of strategic importance to the UK, the government may also consider providing bespoke financial support.
On 9 October 2020 the Treasury introduced a new access review process for the CCFF. The Treasury will continue to assess the credit quality of firms in the CCFF and will now ask firms to provide an up to date credit rating when requesting financing from the scheme. Where the firm’s credit rating has dropped below investment grade, the Treasury will ask for additional information before deciding the appropriate level of support. Find out more here and here
Support for Exporters
The Government has released guidance for UK businesses trading internationally. See more here
In particular, financial support is available through UK Export Finance (UKEF). This organisation works with banks and insurance brokers to help companies of all sizes fulfil and get paid for export contracts. It provides guarantees, loans and insurance on behalf of the Government that can protect UK exporters facing delayed payments or transit restrictions.
Help from UKEF includes:
- Disruption due to late payments - UKEF can help businesses ease cash flow constraints by guaranteeing bank loans through its Export Working Capital Scheme
- Concerns about getting paid - UKEF offers an export insurance policy that can help you recover the costs of fulfilling an order that is terminated by events outside your control
- Raising finance - UKEF can also support finance for overseas buyers through the Direct Lending Facility Scheme, so they can continue to buy your goods and services
- Exporting to China - UKEF has over £4 billion of capacity to support UK firms exporting to China, as well as significant capacity across other markets affected by coronavirus (COVID-19) to help cover these risks.
To find out if UKEF covers your region, email email@example.com
Other financing measures
In addition to the Government support, other lenders are initiating financing options to help businesses in areas such as spreading the cost of equipment purchases, short-term loans, finance against unpaid loans etc.
One particular resource we recommend is Capitalise. This is a a platform where businesses can find, compare and select the right lender in a matter of minutes. As well as finding lenders who specialise in your industry, you’ll also find lenders most likely to give you an offer.
Captilalise cover finance for a wide range of areas including asset finance (funding for any asset), invoice finance (using your invoices to get funding), merchant cash advance (using your credit card transactions to get funding), trade finance (paying for goods based on an order), working capital loans (to finance everyday operations) and property finance (to gain access to bridging loans, development and commercial finance).
Capitalise have also produced a good overview of the Coronavirus Business Interruption Loans - read it here.
Also talk to one of our team for introductions to other providers of finance.
Summary and can we help?
We will continue to monitor the announcements from the Government and update this page as new grants and funding sources emerge. In the meantime, please do get in touch with your usual Shipleys’ contact if you need any further advice or call one of our offices.
London: +44 (0)20 7312 0000 or email firstname.lastname@example.org
Godalming: +44 (0)1483 423607 or email email@example.com
Specific advice should be obtained before taking action, or refraining from taking action, in relation to this summary. If you would like advice or further information, please speak to your usual Shipleys contact.
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