HM Treasury confirms changes to business rates reliefs
Released 27 January 2020
In a parliamentary written statement, Financial Secretary to the Treasury Jesse Norman has confirmed that the Government will increase the retail discount from one-third to 50 per cent, extend that discount to cinemas and music venues, extend the duration of the local newspapers office space discount, and introduce an additional discount for pubs.
The increase in the level of the retail discount from one-third to 50 per cent will apply in 2020–21 for eligible retail businesses occupying a property with a rateable value less than £51,000.
The extension of the retail discount is to those eligible music venues and cinemas with a rateable value of less than £51,000.
The extension of the £1,500 business rates discount for office space occupied by local newspapers will apply for an additional five years until 31 March 2025.
The pubs discount will provide a £1,000 discount to eligible pubs with a rateable value of less than £100,000 in 2020–21. This is in addition to the retail discount and will apply after the retail discount.
All reliefs are subject to state aid rules and apply in England only.
Further information can be found here.