Budget 2018

29/10/18

In the Budget, the Chancellor announced a new Retail Relief scheme which will apply in 2019/20 and 2020/21

The scheme will give a one third discount for retail property with a rateable value below £51,000. State Aid Limits will apply.  Guidance on which Retail Properties may be included or excluded will be published in due course but it is anticipated that the eligible properties will be the same as in the previous scheme, i.e. properties being used for the sale of goods or the provision of (most) services to visiting members of the public.  This will include Restaurants, Takeaways, Sandwich shops, Coffee shops, and Pubs.

Properties expected to be excluded from the scheme will be those providing Financial services (e.g. banks, building societies, cash points, bureau de change, payday lenders, betting shops, pawn brokers) Other services (e.g. estate agents, letting agents, employment agencies) Medical services (e.g. vets, dentists, doctors, osteopaths, chiropractors) Professional services (e.g. solicitors, accountants, insurance agents/ financial advisers, tutors).

Calcurate will be updated soon.

Other rating items mentioned in the Budget were the Intention to legislate to grant a 100% relief from business rates for all standalone public toilets and the extension of the £1500 business rates discount for local newspapers’ office space in 2019/20.