- All businesses, excluding public sector and utilities, to receive a 3-month rates holiday (April, May & June)
- Rates bills to be deferred from April to June
- Small Business Rates Relief scheme continued into 2020/2021
- Cash grant schemes:
- £10,000 for small businesses eligible for Small Business Rates Relief (i.e. excluding companies with 4 or more properties) with a 2020 NAV of up to £15,000
- £25,000 for businesses in retail, tourism & hospitality with a 2020 NAV between £15,000 and £51,000 (uncertainty whether this applies to businesses with multiple properties)
- Administration and timing of the schemes is yet to be confirmed but grants are unlikely to be received before April
- Hardship Rates Relief scheme due to temporary crisis as a result of exceptional circumstance:
- Need to prove serious loss of trade and provide accounts and recovery plan
- Only applicable on rates due, therefore February, March and July onwards
- Proposals for reduction in the Regional Business Rate
- More assistance and reliefs to be announced in coming days
REPUBLIC OF IRELAND
- Growing calls for introducing a holiday on commercial rates.
- Local authorities are waiting on a national directive. Otherwise, it will be up to each authority to decide if they introduce a rates holiday. If they do, there is likely to be different holiday periods and possibly different levels of rates across the country, as has happened in the UK.
WE WILL PROVIDE FURTHER UPDATES AS THE SITUATION DEVELOPS BUT, IN THE MEANTIME, PLEASE SPEAK TO YOUR USUAL CONTACT AT RHM COMMERCIAL (OR TOM MACLYNN ON 028 9043 4300) IF YOU HAVE ANY QUERIES