Mortgage News
Estate and lettings agents to pay no business rates in 2020-21
Estate agents and lettings agents will not have to pay business rates in the next financial year, HM Treasury has announced.
The notification covers businesses which have closed as a result of measures to restrict the spread of the Covid-19 virus.
It comes after chancellor Rishi Sunak announced in the Budget that in response to Covid-19 the business rates retail discount would be increased to 100 per cent next year and would be expanded to the hospitality and leisure sectors.
Sunak (pictured) said he was determined to do whatever it takes to support businesses during the Covid-19 outbreak.
“Eligible businesses will be rebilled by their local authority and the new bill will give them the discount of 100 per cent,” he said.
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“If businesses have made payments in the meantime, they will be refunded by their local authority. We are working with local authorities to ensure new bills are issued as soon as possible.
“The devolved administrations will receive funding under the Barnett formula to support businesses in Scotland, Wales and Northern Ireland,” he added.