As part of his 2021 Spring Budget announced yesterday, the Chancellor has confirmed further support for businesses in England including an extension to their rates holiday into the next financial year, and the provision of new grants.
Specifically, these measures include:
An extension to business rates relief for those in the retail, leisure and hospitality sectors as follows:
- 100% from 1st April until 30th June 2021
- 66% from 1st July 2021 until 31st March 2022
- The amount of relief that a business can receive will be capped at £2m for properties that had to be closed on 5 January 2021, or £105,000 per business for other eligible properties
A new "re-start grant" for non-essential retail businesses of up to £6,000 per premises.
Hospitality and leisure businesses will receive a one off restart grant of up to £18,000.
Lynsey Russell, Business Rates Associate, commented:
“Once again, these measures are welcomed and will continue to provide some of the vital support that businesses desperately need. However, they still fail to respond to the requirement for much longer term business rates reform urgently needed in England and we eagerly await the Treasury’s response following its call for evidence launched last year.”