Richmondshire District Council says it will implement the Government’s offer of additional assistance for business ratepayers once it has received guidance from Ministers.
The Chancellor announced yesterday:
- Increase in the level of the retail discount to 100% (currently at 50%) for all retail businesses (every shop, pub, theatre, music venue, restaurant and any other business in the retail, hospitality or leisure sector) irrespective of their rateable value. This effectively will give these businesses a 12 month rate free holiday.
- Businesses in receipt of a retail discount with a rateable value of less than £51,000 are able to receive a cash grant of up to £25,000/business.
- Increase in the level of pubs discount from £1,000 to £5,000 for pubs with a rateable value less than £100,000 – Richmondshire pubs will benefit from the above increase in retail discount
The council has already issued annual bills for 2020/21 but revised bills will go out as soon as further guidance from Government is available.
The Government also announced funding for small businesses that are entitled to small business rate relief, with £10,000 provided for businesses currently eligible for small business rate relief or rural rate relief.
The district council said it had no additional information as to how this would be administered and how businesses would apply for it.
Further information would be issued as soon as this becomes available, a spokesperson added.