Measures announced on 17 March
25 Mar 20
At a press conference on 17 March, the Chancellor announced a package of support worth £350 billion – around 15% of the value of the entire UK economy.
It came upon the heels of a statement from the Prime Minister on 16 March which urged people to stop visiting cafes, pubs and restaurants.
It was intended to send a strong signal to British businesses not to act hastily in downsizing because support would be forthcoming.
Extension of business rate discount
- All hospitality, leisure and retail venues in England, regardless of rateable value, can now claim a 100% discount on business rates for 12 months from 1 April 2020 to 31 March 2021.
- Unoccupied properties that become vacant in the next 12 months will be charged 100% full rates from three months after they become empty.
- What next? The discount will be applied automatically to the next council tax bill, due in April 2020.
Cash grants for very small businesses
- Hospitality, leisure and retail businesses operating from units with rateable values between £15,000 and £51,000 will receive a grant of £25,000.
- Businesses in these sectors with a rateable value of less than £15,000 will receive a grant of £10,000.
- Those with a rateable value of more than £15,000 will receive £25,000.
- Your local authority will contact you if you are eligible for this grant.
- What next? Await notification from local authorities.
Author Name:
Siobhan
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