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Monday, 24 March 2014
£1000 Business Rates discount for retail properties
Cabinet Members are to discuss a proposal to award a £1000 Business Rates discount to qualifying retail properties when they meet on Thursday 3 April.
The relief would apply to all occupied retail properties with a rateable value of up to £50,000 and would be available over the next two financial years (2014-15 and 2015-16).
This follows an announcement from Central Government in December 2013.
Although local authorities are to adopt their own local scheme, and decide in each individual case when to grant relief, Government has issued guidance to set out which retail premises the discount would apply to. In line with this guidance, properties that could benefit include shops, restaurants, cafes and drinking establishments.
This would cover a wide variety of businesses from florists, bakers and greengrocers to jewellers, opticians and petrol stations. It would also extend to travel agents, car show rooms, hair and beauty services and garden centres amongst many more.
The relief would not be available for financial services (e.g. banks, building societies and betting shops etc.), medical services (e.g. vets, dentists, doctors etc.), professional services (e.g. solicitors, accountants, financial advisors etc.), Post Office sorting office and other services (e.g. estate agents, letting agents and employment agencies). The council will award the discount automatically to the businesses that qualify in the vast majority of cases.