&pound1,000 business rates discount for High Street. | Exchange Accountancy Services

&pound1,000 business rates discount for High Street.

In her first major speech new High Streets Minister Penny Mordaunt tells retailers that business rates support is now helping all parts the country.

Six months after it was introduced the £1,000 business rates discount for local shops, cafes, restaurants and pubs (up to a rateable value of £50,000) is estimated to be giving nearly 300,000 premises more than £272 million of tax relief this year.

The minister called on all local authorities, businesses and citizens to follow this example and use government tax breaks as a springboard to shaping the future of Great British high streets across the country so they can remain a vibrant, viable part of the community where people live, shop, use services, and spend their leisure time.

High Streets Minister Penny Mordaunt said:

“We must help all respond to the needs and wants of the consumer so the high streets remains at the heart of our communities – more than simply places to shop.

We announced the biggest package of business rates support in over 20 years to support local shops, pubs, cafes, and restaurants. Overall, this is worth £1 billion to business with half of that backing high street shop and retailers in England.

Around 300,000 retail premises are getting our new £1,000 retail discount and our comprehensive list shows where those shops are located in the country. A typical small business could now be saving 30% extra or more compared to last year’s bill.”

The full list of the present business rate support measures are:

  • a new reoccupation discount of 50% for 18 months for new occupants of retail premises that have previously been empty for a year or more
  • allowing businesses to pay their bills over 12 months (rather than 10), which will help every firm with their cash flow
  • a 2% cap on business rate inflation increase
  • the new £1,000 business rates discount for local shops, cafes, restaurants and pubs (up to a rateable value of £50,000) estimated as more than £272 million of tax relief this year
  • the doubling of the extension of the small business rate relief until 31 March 2015, which will mean 360,000 business properties pay no bill at all