Guidance now out for 2023/24 business rate reliefs

Following on from the Autumn Statement back on November 17 last year, the Government has now released welcome guidance on the 2023/24 retail relief/discount scheme.

It has reaffirmed the 2023/24 Retail, Hospitality and Leisure Business Rates Relief Scheme will provide eligible, occupied, retail, hospitality and leisure properties with 75% relief, up to a cash cap limit of £110,000 per business. This is an increase on the 50% relief offered for 2022/23.

Other key points to take away from the Guidance are:

  • It applies to 2023/24 only
  • It applies to England only.
  • 75% relief can apply on multiple eligible hereditaments but only up to the cash cap.
  • The cash cap set at £110,000 per business (including subsidiaries and any holding companies).
  • Relief is calculated on a daily basis and adjustable for any changes to the Rateable Value or Rating List.
  • The 2023/24 relief is subject to subsidy control (State Aid as it was formerly known) as was the relief in 2022/23.
  • A ratepayer can refuse relief but then can’t subsequently withdraw their refusal for either all or part of the financial year.

 Qualifying hereditaments must meet the following criteria:

  • The qualifying criteria includes occupied properties wholly or mainly used as shops, restaurants, cafes, drinking establishments, cinemas or live music venues.
  • Also, for assembly and leisure including sports grounds and clubs, museums, nightclubs, stately homes, theatres, gyms, public halls, clubs and institutions.
  • It also include hotels, guest & boarding premises and self-catering accommodation, including caravan parks and sites.
  • The following aren’t eligible:
  • Financial services (e.g. banks, betting shops)
  • Medical services (e.g. dentists, doctors, vets)
  • Professional services (e.g. solicitors, accountants, recruitment agencies, estate agents)

You can read the full guidance here.