On 17 March 2020, the Chancellor confirmed that the Government would increase the value of this to £10,000 per business.
On the 17 March 2020 the Government also announced that it would provide those businesses in the retail, hospitality and leisure sectors with an additional cash grant of up to £25,000 per business.
Recipients will receive one grant per eligible property:
- For businesses in these sectors with a rateable value of under £15,000, they will receive a grant of £10,000
- For businesses in these sectors with a rateable value of between £15,000 and £51,000, they will receive a grant of £25,000
The Government has stated that in cases where there are clear errors in the rating list as of 11 March 2020, Local Authorities may, at their discretion, award the grant based on their view of which businesses would have been entitled.
Appealing against your Rateable Value now gives your business the opportunity to ensure that the valuation is altered with an effective date of 1 April 2017, meaning that your business may fall within the eligibility criteria.
For more information on this subject, please refer to our news article by clicking here.