Government Announces Agents Forced to Close Will Pay No Business Rates

The Government has issued a Press Release today to address the high-street businesses that have had to close down will now be exempt for business rates as well. This comes as part of the business rates holiday that is being introduced from 1st of April 2020. 

Estate agents, lettings agencies at have closed as a result of Covid-19 measures to restrict the spread of the virus will be now be exempted from business rates in 2020-21 and Local Authorities will be fully compensated. This comes as great news for our partners that have had to close during this time. 

This measure comes after the Chancellor announced in the Budget that, in response to Covid-19, the business rates retail discount would be increased to 100% next year and would be expanded to the hospitality and leisure sectors.

Rishi Sunak commented:

“We are determined to do whatever it takes to support businesses during Covid-19, which is why we have extended business rates relief for the high street.”

“Today, I am removing some the exclusions for this relief, so that retail, leisure, and hospitality properties that have closed as a result of the measures announced by the Prime Minister in his statement on Monday will now be eligible for the relief.

“This will ensure that estate agents, lettings agencies and bingo halls that are required to close will not pay any business rates next year.”

Things to know:

  • Eligible businesses will be rebilled by their local authority and the new bill will include the 100% discount
  • Any payments already made will be refunded by the local authority

Notes:

 

XChange is committed to keeping our agency partners safe and fully informed about any Government funding and potential bank loans. If you have any questions please get in touch with xchange@houzen.co.uk

 

 

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