Rishi Sunak has revealed today in the 2020 Budget, that shops, cinemas, restaurants and music venues with a rateable value of less than £51,000 will have their business rates abolished altogether, this coming year!
Additionally, museums, art galleries, theatres, gyms, hotels, night clubs and more, will also benefit from the 100% retail discount, if the rateable value is also below £51,000, meaning no business rates will be paid whatsoever!
These measures will not be applied to the larger businesses, however, the chancellor has revealed that later in the year, business rates as a whole would be reviewed.
Read more about this news here.
In further news, it has been announced that taxes on alcoholic drinks will not be rising, and the planned increase in spirits duty will be cancelled. Furthermore, the planned rise in beer duty will also be cancelled, whilst duties for cider and wine drinkers will also be frozen. The business rate discount for pubs will now also be £5,000, rather than the initial £1,000.
We will drink to that....
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