Chancellor's October Budget Statement
The Chancellor has responded to pleas for more business rates assistance for the High Street by announcing additional relief for small retailers - those with RV's less than £51,000. Their rates bills will be reduced by one third (33%) for 19/20 and 20/21 ie up to the next Revaluation.
We understand that this relief will apply to retail property, as defined previously in the retail relief policy that was brought out a couple of years ago. A broad definition but with some exclusions. BAs will have some flexibility at the borderline. It will apply to all properties with an RV under £51,000. i.e. there is not a single property occupation test such as with SBBR. However, the relief will be subject to State Aid limits. This means that the aggregate of relief cannot exceed €200,000 over any 3 year period.
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