March 2020 Budget – Business Rates

Below is a summary of the measures announced by The Chancellor in todays budget relating to Business Rates :

 

Retail Relief Increased to 100% 

The current retail relief scheme granted to companies in the retail, leisure and hospitality industry with an RV of below £51,000 has been extended from 50% as planned to 100%.

This will see business rates for the applicable companies scrapped for the year 2020-2021. Local Authorities will be issuing further details to those who are liable for the relief in the coming days

This is also being applied in Wales.

 

£10k Grant for Companies on Small Business Rates Relief 

Mr Sunak announced in the Budget on 11th March 2020 , that for any firm that currently eligible for Small Business Rates Relief there will be a £3,000 cash grant per business available. Since then this has been increased to £10,000.

 

Pub Retail Relief Increased to £5k 

In todays budget The Chancellor announced that the planned pub retail relief of £1,000 has been increased to £5,000.

Further details of this relief will be made available to relevant ratepayers in the coming days.

This is also applicable in Wales.