Added on: 11th February, 2020 by O1
The government looks set to increase the ‘Retail Relief’ on Business Rates in the upcoming budget statement from Chancellor of the Exchequer, Sajid Javid, on March 11th.*
The current version of the relief was introduced on 1 April 2019 following extensive lobbying from the BID industry, whereby eligible businesses which meet certain use criteria and have a rateable value of less than £51,000 can apply for one third off their rates bill.
From 1 April 2020 it is anticipated that this will be increased to 50%, be extended to include cinemas and music venues and run until March 2021. The government has said it “is committed to levelling up the UK by supporting high streets up and down the country” and “is committed to launching a fundamental review of business rates. Further details will be announced in due course.”
The extension of the relief scheme is welcome, however Orpington 1st will, along with BID colleagues across the country, continue to push for wholesale reform of what is an unfair and antiquated tax, and indeed Business Rates was discussed at a recent meeting between the BID team and Gareth Bacon MP.
Business Rates, policing and broadband were amongst issues discussed at the BID team's first meeting of the year with Gareth Bacon MP.
*Following Sajid Javid's resigination it is yet to be confirmed whether the budget statement will be delivered on the 11th March as previsouly planned.