The government has published details of how business rates discounts announced in October’s Budget will be allocated.
During the Budget on October 29, Chancellor Philip Hammond announced that businesses with a rateable value of under £51,000 would receive a one-third discount on their rates bills.
The guidance published by the Ministry of Housing, Communities and Local Government confirms that the discount will be available to eligible businesses for the years 2019/20 and 2020/21.
While the exact eligibility criteria is to be determined by local authorities, the guidance recognises the inclusion of petrol forecourts and post offices within the definition of businesses that are “wholly or mainly being used as shops, restaurants, cafes and drinking establishments”.
However, ATMs are not included within the definitions and are subsequently not eligible for the discount.
Association of Convenience Stores chief executive James Lowman said: “We welcome clarification from the government on the details of this new business rates relief, which could save the convenience sector tens of millions over the next two years and help thousands of retailers trading on high streets, towns and villages across England.
“Business rates remain one of the biggest fixed costs for many retailers, so this discount will provide much needed extra cash to help stores invest.”
The full business rates relief guidance document is available here.