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UK Government announces new Business Rates Relief Fund

Published on: 30 March 2021

London, British Marine, UK Government, Business rates relief fund

Ministers have set out plans to provide an extra, targeted support package for businesses who have been unable to benefit from the existing £16 billion business rates relief for retail, hospitality and leisure businesses. 

Many of those ineligible for relief have been appealing for discounts on their rates bills, arguing the pandemic represented a ‘material change of circumstance’ (MCC).

The UK Government is making clear that market-wide economic changes to property values, such as from COVID-19, can only be properly considered at general rates revaluations, and will therefore be legislating to rule out COVID-19 related MCC appeals.

Instead, the £1.5 billion pot will be distributed according to which sectors have suffered most economically.

British Marine would advise its members to contact their local authority as the funds will be issued by authorities. Further information can be found here.