COVID-19: Business rate relief and grants
To help business affected by the COVID-19 pandemic, the Chancellor announced a number of measures effected through the business rates system.
Business rate retail relief increased and extended
At the time of the 2020 Budget, the Chancellor announced that the business rates retail discount for 2020/21 would be doubled from 50% to 100%. The discount is also to be extended to the leisure and hospitality sectors.
The Chancellor also announced funding of £2.2 billion would be provided to local authorities to enable them to provide grants of £3,000 to all businesses receiving small business rate relief. Following the Budget, the Chancellor announced an increase in the amount of the grant to £10,000. Small business rate relief is available in full where the rateable value of the business premises is less than £12,000. The relief reduces from 100% to nil where the rateable value is between £12,000 and £15,000.
Grants of £25,000 are also to be made available for retail, hospitality and leisure businesses with a rateable value of between £15,001 and £51,000. Businesses in this sector will receive a grant of £10,000 where the rateable value of their business premises is £15,000 or less.
Watch this space
New measures are being announced daily to help businesses survive the pandemic. Speak to us to find out what help is available and check out the Gov.uk website.