In the 2021 Autumn Budget the Chancellor announced with great fanfare that the Covid-related Retail, Hospitality and Leisure rate relief would be extended into 2022/23 to help the ailing high-street and hard-pressed hospitality and leisure sectors. The relief was announced at 50% subject to a cap of £110,000 per group of related companies.
Today, the government wrote to Local Authorities to tell them that retail properties will only benefit from the relief if the subject property has a rateable value of less than £51,000.
This appears to be a significant departure from the spirit of the original announcement and will prevent a great many occupiers from receiving additional help in 2022/23.
However, the freezing of the Uniform Business Rate (UBR) removes the expected 3.1% increase in business rates for 2022/23 and will benefit all ratepayers. If you would like to discuss the above or any business rates matters, please speak to Alan Vickery.