In the autumn budget statement of 2019, the chancellor announced a new 2 year relief scheme to aid the retail sector. Businesses which are eligible will receive a reduction in their business rates charge equivalent to a third of their bill, (after any other reliefs have been applied. State aid limits will apply. From the 1st April 2020 this will be increased to a 50% discount and has been extended to include music venues and cinemas. Properties that will benefit from the relief will be occupied hereditaments with a rateable value of less than 51000, that are wholly or mainly used as shops, restaurants, cafes or drinking establishments. State Aid limits will apply
There was an announcement in the budget of the 11th March 2020 that the Retail Relief scheme has been extended from 50% to 100% this means that anybody who qualifies for the scheme will not pay business rates in the financial year 20/21.
For guidance on the operation of the retail discount business rates scheme please view:
- Retail Relief (www.gov.uk)