THE Government has announced plans which will see pubs have their business rates bills cuts from April this year and further relief for small retailers says commercial property agent Prop-Search.
As many as 18,000 pubs are expected to benefit from the relief which will see pubs with a rateable value below £100,000 get £1,000 off their rates bills as the Government introduces additional measures to support local high streets and communities. Those public houses with a rateable value below £51,000 will also get the cut in addition to a one-third reduction in the rates that they already receive.
Samantha Jones, an Associate Director of Prop-Search, said: “The Pubs Relief is part of a package of measures that is being introduced by the Government to support local high streets and comes after calls from pub companies and lobby groups to ease the significant burden of business rates on sites facing other heavy cost increases.”
The Treasury estimates that pubs eligible for both the new £1,000 pubs relief and the 50 per retail discount could see up to £13,500 knocked off their rate bills.
From April, small shops and cafes with rateable values below £51,000 will see their rates bills halved, as the retail discount – currently a third off – is extended to 50 per cent. The Government claims that nine out of 10 independent firms will quality for this relief, saving them up to £12,500. For the first time, independent cinemas and music venues will also qualify, in a bid to safeguard local entertainment. And a current £1,500 relief for local newspapers will also be extended by another year.
Further information or advice can be obtained from Prop-Search on 01933 223300 or 01604 492000 or at the website www.prop-search.com