The Government is introducing a business rates holiday for retail, hospitality and leisure businesses in England for the 2020/21 tax year. (Similar schemes will be introduced in Wales and Scotland)
Businesses that received the retail discount in the 2019/20 tax year will be rebilled by their local authority as soon as possible. Properties that will benefit from the relief will be premises that are wholly or mainly being used:
- As shops, restaurants, cafes, drinking establishments, cinemas and live music venues,
- for assembly and leisure and
- as hotels, guest & boarding premises and self-catering accommodation
SMALL BUSINESS GRANT SCHEME
The government will also provide additional grant funding for local authorities to support small businesses that already pay little or no business rates because of small business rate relief (SBBR), rural rate relief (RRR) and tapered relief. This will provide a one-off grant of £10,000 to eligible businesses to help meet their ongoing business costs.
RETAIL AND HOSPITALITY GRANT SCHEME
A further cash grant scheme is available to businesses in the retail, hospitality and leisure sectors. Qualifying businesses are eligible for a cash grant of up to £25,000 per property. The grant applies to businesses in these sectors with a rateable value of under £15,000, they will receive a grant of £10,000. For businesses with a rateable value of between £15,001 and £51,000, they will receive a grant of £25,000.