To support small businesses affected by Coronavirus (COVID-19), the government is increasing the business rates discount to 100% for 2020-21, which will be expanded to the leisure and hospitality sectors. This, together with existing Small Business Rates Relief, means that 45% of all properties in England will receive 100% business rates relief in 2020-21. The government is launching a ‘fundamental’ review of business rates in autumn 2020.
All retail, leisure and hospitality businesses with a rateable value of less than £51,000 will be exempt from paying business rates over the next financial year.
Businesses in England will not have to pay any business rates on nearly half of all commercial properties, the Chancellor announced, while a discount that pubs receive on their rates will increase from £1,000 to £5,000. Business rates in Scotland, Wales and Northern Ireland are set by their devolved administrations.
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For further information contact:
Baker Davidson Thomas
Telephone: 01256 840 777
16th March 2020