Salisbury Business Improvement District

Business rates holiday announced in Budget 2020

11th March 2020

Retail, leisure and hospitality businesses across England will have their business rates abolished for the coming year.

In the budget announcement today (11th March 2020), the chancellor, Rishi Sunakhas, said businesses with a rateable value of less than £51,000 will be eligible for the tax holiday for the next year.

This applies to businesses including shops, cinemas, restaurants and hotels.

It is part of a package of "extraordinary" measures to support the UK economy in the face of disruption from the coronavirus outbreak.

Rishi Sunak described the business rates holiday as an "exceptional step" that would benefit museums, art galleries, theatres, caravan parks, gyms, small hotels, sports clubs and night clubs, all of whom will be hard hit if customers stay away to slow the spread of coronavirus.

The chancellor also said the whole business rates system would be reviewed, with the conclusions published in the autumn.

Business rates are a tax on properties that are used for commercial purposes. It is charged based on an estimate of what it would cost to rent the property on the open market: the "rateable value".

Over 250 of Salisbury BID's 500 levy payers will benefit from this tax holiday. Find out the rateable value of your business premises here.

Read more about the Government Budget 2020 here.