Business Rate headline announcements from today’s Budget:
- The Retail Discount for Business Rates is now 100% relief for the next financial year, worth £1bn in total and worth, on average, £25k per business.
- The discount is extended to the hospitality and leisure sector.
- Those eligible for current Small Business Rates Relief (SBRR) will be eligible for a £3k grant – worth £2bn in total.
- Half of businesses in England now will not pay business rates.
- A fundamental review of BR system will be announced in Autumn budget.
- The business rate discounts for public houses is increased from £1k to £5k.
Chancellor Rishi Sunak says:
“Museums, art galleries, and theatres; caravan parks and gyms; small hotels and B&Bs; sports clubs, night clubs; club houses, guest houses. They would not benefit from today’s measure – but they could be some of the hardest-hit.
“So, for this year, I have decided to extend the 100% retail discount to them as well.
“That means any eligible retail, leisure or hospitality business with a rateable value below £51,000 will, over the next financial year, pay no business rates whatsoever.
“That is a tax cut worth over £1bn, saving each business up to £25,000.”