A third of high street businesses missed business fee relief

Published by
Peter Kavinsky

The government has failed to support a third of high street businesses in England who have been promised a discount on their commercial tariff bills, according to new data.

Gerald Eve property experts found that only 272,000 of 400,000 promised businesses, including retailers and leisure and hospitality venues, were able to claim the 50% commercial property tax rebate announced in the latest budget.

The data comes from freedom of information requests to councils in England asking how many businesses in your area have benefited from the discount.

Business fee relief was granted to companies in sectors heavily affected by the pandemic shutdown in an effort to help Main Street recover. Data indicates that 128,000 companies missed the discount and led to calls for the government to ensure that any new support to companies in the upcoming mini-budget is properly targeted.

The main reason only two-thirds of companies were able to access the 50% discount is that the former chancellor has placed a cap of £110,000 on the amount each company can receive, rather than each property. This means that retailers and hotel operators with multiple locations will only benefit from the discount for some of their properties.

This comes as industry experts warn companies could face a total £4.7bn increase in business fees in the next year without action.

UKHospitality is among industry bodies calling for yet another holiday in business rates, as well as a VAT cut, to help businesses grappling with skyrocketing cost inflation and waning consumer sentiment, in the expected-to-be-announced update. on Friday.

Gerald Eve also called on the government to extend the 50% discount next year to support businesses.

Without an extension of the discount, the retail, leisure and hospitality sectors – which were among the hardest hit by the pandemic – can expect their business rates to rise by £1.7bn.

This is in addition to rising rates for the CPI (consumer price index) inflation level for September, which economists predict could be around 10%.

Jerry Schurder, business rate policy lead at Gerald Eve, said: “The new chancellor must avoid the mistakes of his predecessor when he announces support for businesses on Friday. Of course, much of the attention will be on supporting sky-high energy bills, but it won’t make sense if those same companies see their business rates soar.

“In the 2019 manifesto, conservatives promised a fundamental review of rates and a lessening of the burden on the retail sector, but three years later, nothing has been delivered. The new prime minister told companies she wanted to intervene in tax reform. Now she must deliver.”

Peter Kavinsky

Peter Kavinsky is the Executive Editor at cablefreetv.org

Recent Posts

  • News

Nearly a record number of Americans are paying their credit card bills in full, says Ted Rossman of Bankrate & More News.

ShareShare article via FacebookShare article via TwitterShare article via LinkedInShare article via email Exchange Ted…

4 days ago
  • News

Crimeans record the activity of enemy aircraft in different parts of the peninsula

Residents of the temporarily occupied Crimea record the activity of enemy aircraft in the various…

4 days ago
  • News

10 best movies and series in screenlife format :: News

Photo: TNT station September 26 at 20:00 on TNT begins a new comedy with the…

4 days ago
  • News

“Discounts for a power of attorney”: mobilized people were provided with benefits for notary services

Benefits for mobilized Russians for notarial services were provided by the Federal Chamber of NotariesA…

4 days ago
  • News

Feminist associations ask to amend trans law and protect women

Madrid (EFE). Leading feminist organizations have drafted about twenty "amendments" to the transgender bill, which…

4 days ago
  • News

BEŞİKTAŞ TRANSFER NEWS – Young wing to Black Eagle! Target Jesurun Rak-Sakyi

Transfer work in Beşiktaş started early. In the black and white team, coach Valerien Ismael…

4 days ago