2018 Autumn Budget – Retail Relief
The Government has announced a new relief scheme for retail properties that have a rateable value of below £51,000. Under the scheme, eligible ratepayers will receive a one third discount of their daily chargeable amount.
The relief will be applied to eligible properties after all other reliefs have been deducted, and will be one third of the remaining rates bill. We are in the process of identifying eligible ratepayers and will publish more information when it is available.
The relief will last for two years from 1 April 2019 and will be subject to State Aid rules.
On the 8 March 2017 the Chancellor announced proposals for additional schemes of relief that will be made available (subject to qualifying criteria) to help businesses and pubs to manage the impact of large increases in the 2017 revaluations.
Supporting small businesses relief
Because of the changes made to rateable values in the revaluation, some ratepayers are losing some or all of their Small Business or Rural Rate Relief. This has resulted in some businesses experiencing large increases in their bills. To support these businesses, the new Supporting Small Business Relief will ensure that the increase will be limited to £600 per year. This scheme will start on the 1 April 2017.
The following year (2018/2019), the bill will not increase by more than £1,200 and in 2019/2020 the bill will not increase by more than £1,800, and so on. The scheme will last for 5 years. The discount will end when the bill reaches the amount that would have been paid without the scheme. The relief will also end if the property falls vacant.