This scheme offers a business rates holiday. No rates will be payable for the 2020-2021 tax year. In addition, grant funding of £25,000 is available for businesses that own property with a rateable value between £15,000 and £51,000. Grant funding of £10,000 is available for businesses with a rateable value of under £15,000.
To qualify, your business must be in the retail, hospitality and leisure sector and based in England. Properties that will benefit from the rate relief will be occupied properties that are wholly or mainly being used as shops, restaurants, cafes, drinking establishments, cinemas and live music venues; for assembly and leisure or as hotels, guest & boarding premises and self-catering accommodation.
If your property has a rateable value between £15,000 and £51,000 you are eligible. Businesses with a lower rateable value property may be eligible for the small business rate relief grant – see below.
There is no action required and the relief will apply to your next council tax bill in April 2020. However, local authorities may have to reissue your bill automatically to exclude the business rate charge. They should do this quickly and write to you if you are eligible for a grant.
NOTE: Businesses with a lower rateable value property may be eligible for the small business rate relief grant.
For further information, contact your usual Lubbock Fine Partner or email us at email@example.com.