Budget 2018 – Business rates
Thank you to our friends at Dodd and Co for their budget summary on business rates:
“The Chancellor acknowledged the difficulties that currently face many high street businesses and, in order to provide support, the Government is cutting business rates for retail properties with a rateable value of below £51,000 by one-third for two years from April 2019. This is expected to create an overall business rates saving of £900 million.
The Government is also focusing on a longer term plan by introducing a £675 million Future High Streets Fund. The aim of the fund is to improve transport links, re-develop empty shops as homes and office and also to restore historic buildings on the high streets.
Other changes to business rates include a public lavatories relief whereby 100% business rates relief will be available from 2020/21 in order to assist in keeping local amenities open. Office spaces occupied by local newspapers will also continue to receive a £1,500 business rates discount in 2019/20.
Finally, there is to be a consultation in order to determine when self-catering and holiday letting accommodation becomes chargeable to business rates rather than council tax.”