The new Government’s first budget provided welcome relief for struggling retail and leisure companies.
Properties with a Rateable Value of less than £51,000 will be eligible for complete relief from Business Rates, for the coming year. The initiative applies to firms including shops, gyms, cinemas, restaurants and hotels.
“That is a tax cut worth over £1bn, saving each business up to £25,000,” The Chancellor said.
The measure will be welcomed by many, particular retail operators, who have struggle on declining high streets. It is also aimed to compensate companies who will be affected by reduced trade, due to the recent Coronavirus outbreak.
The Chancellor went on to confirm that Business Rates as a whole would be reviewed, with their findings published in the autumn. Firms throughout the UK (particularly in England) have campaigned for some time for Business Rates to be overhauled, arguing that they make it almost impossible to compete with online retailers.
If you need help with your Business Rates, or general Commercial Property requirements, contact us to speak to one of our experts. Drake Commercial – 01604 620616.
Tom Drake, Partner. March 2020.