Business rates relief extended with £1.5 billion fund

6th April 2021

The government is to extend business rates relief with a £1.5 billion fund targeted at those businesses unable to benefit from the current COVID-19 support.

Retail, hospitality and leisure businesses have not been paying any rates during the pandemic, as part of a 15 month-long relief which runs to the end of June this year.

However, many businesses ineligible for reliefs have been appealing for discounts on their rates bills, arguing the pandemic represented a 'material change of circumstance' (MCC).

The government says that market-wide economic changes to property values, such as from COVID-19, can only be properly considered at general rates revaluations, and will therefore be legislating to rule out COVID-19 related MCC appeals.

Instead, the government will provide a £1.5 billion pot across the country that will be distributed according to which sectors have suffered most economically, rather than on the basis of falls in property values. It says this will ensure the support is provided to businesses in England in the fastest and fairest way possible.

Chancellor of the Exchequer Rishi Sunak said:

'Our priority throughout this crisis has been to protect jobs and livelihoods. Providing this extra support will get cash to businesses who need it most, quickly and fairly.

'By providing more targeted support than the business rates appeals system, our approach will help protect and support jobs in businesses across the country, providing a further boost as we reopen the economy, emerge from this crisis, and build back better.'

Internet link: GOV.UK

News Archive

Call Us: 01983 618888
Office Address
The Old Piggery,
Cheeks Farm, Merstone Lane
Merstone, Isle of Wight. PO30 3DE

Book an Appointment

We would like to use your information to send you emails regarding products or services you may be interested in. If you are happy for us to do so please tick the box below. For further details on how we store and manage your data please view our privacy policy. If you are not happy for us to do so, we will only use your information in relation to this enquiry.

Although we would like to be available to assist 24/7 the following times provide guidelines when qualified advisers are available to meet with you:

Monday – Friday 0800-2000