Business property rates relief - act now!
The government want to see town centres thriving and so with the threat of internet shopping they are currently operating two business rate discounts which are in operation until 31 March 2016:
If you’ve recently moved, or are planning to move, into premises which have been empty for at least 12 months your local authority may provide you with a 50% business rates discount if the property was previously used for retail purposes. Going forward the property does not need to be used for retail purposes for the relief to apply.
The discount is subject to certain conditions being met but is not restricted by the rateable value of the property. If granted the discount would be available for up to 18 months from the first day the property was occupied so long as the this day fell between 1 April 2014 and 31 March 2016.
Regardless of whether you have recently moved or not local authorities have been tasked with administering Retail Relief. Business’s occupying retail premises may be eligible for up to £1,000 relief for 2014/15 and £1,500 relief for 2015/16 on properties with a rateable value of £50,000 or less.
If you believe any of the two discount schemes may apply to please contact a member of our construction and real estate team or your local office contact as soon as possible as come 31 March 2016 these discounts will no longer be available.
Alternatively, please email your enquiry to us. We strongly advise that your seek advice based on your specific circumstances.
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