Following the new temporary lockdown measures declared yesterday, the Chancellor Rishi Sunak announced new one-off top up grants for retail, hospitality and leisure businesses worth up to £9,000 per property to help businesses in England through to the spring:
- up to £4,000 for premises with a rateable value of £15,000 or under,
- £6,000 for those worth between £15,000 and £51,000,
- £9,000 for properties valued at over £51,000.
A £594m discretionary fund will also be made available to support other impacted businesses.
The Scottish Government confirmed it will receive £375m from the Treasury to redistribute to businesses in Scotland accordingly. The details of this support are due to be announced shortly, which are expected to be in addition to the existing Strategic Framework Business Fund currently in place for those businesses that are adversely affected. For example, the Temporary Closure grant of up to £3,000 depending on rateable value for those required to close by law, and up to £2,100 for the Business Restrictions grant for those adversely impacted once they reopen.
These measures are separate from and in addition to the Coronavirus (COVID-19) Restrictions Fund in Scotland that was in place from 9 October 2020 to 1 November 2020.
Lynsey Russell, Business Rates Associate at Ryden, comments:
“Whilst this will be welcome news for many south of the border, as has been the case from the outset, there still remain many businesses who have had little or no help so far. We also eagerly await details from the Scottish Government on further support measures for businesses in Scotland."
Our business rates experts are on hand to discuss any issues in relation to Business Rates:
Lorna Greig (Scotland North & North East)
Lynsey Russell (Scotland Central Belt & England)
Douglas Lambie (Licensed)