Pledge over newly-announced business rates support scheme

Charnwood Borough Council has pledged to implement the government’s new support measures around business rates as soon as possible.

The government announced in this week’s Budget a package of measures to support businesses, including increasing some business rates discounts and relief, in light of the coronavirus pandemic. Business rates are set at a national level and collected by councils.

The Council is now waiting for further guidance from government.

Simon Jackson, strategic director for corporate services at the Council, said: “I would like to assure businesses that we will implement any government support scheme as soon as we possibly can to help businesses in Charnwood. We look forward to receiving more information about the scheme very shortly.”

The government announced on Wednesday as part of the budget that:

  • the government will increase the Business Rates retail discount to 100% for one year and expand it to the leisure and hospitality sectors, and increase the planned rates discount for pubs to £5,000. Taken together with existing small business rate relief (which provides full relief for businesses using a single property with a rateable value of £12,000 or less), an estimated 900,000 properties, or 45% of all properties in England, will receive 100% business rates relief in 2020 to 2021:
    • businesses that received the retail discount in 2019-20 will be rebilled by their local authority as soon as possible
    • those businesses eligible for the newly expanded retail discount and/or the new pubs discount may need to apply to their local authority to receive the discount
    • any enquiries on eligibility for, or provision of, the reliefs should be directed to the relevant local authority
    • guidance for local authorities on the application of the expanded retail discount will be published by MHCLG by 20 March
  • the government will provide an additional £2.2 billion funding for local authorities to support small businesses that already pay little or no Business Rates because of Small Business Rate Relief (SBBR). This will provide a one-off grant of £3,000 to around 700,000 business currently eligible for SBRR or Rural Rate Relief, to help meet their ongoing business costs. For a property with a rateable value of £12,000, this is one quarter of their rateable value, or comparable to 3 months of rent.

For more information, please visit the Government website.

https://www.charnwood.gov.uk/news/2020/03/13/pledge_over_newly_announced_business_rates_support_scheme

Kelly Hill
Author: Kelly Hill

X
X