At the Budget on 27 October 2021, the Chancellor announced the introduction of a new business rates relief scheme for retail, hospitality and leisure properties worth almost £1.7 billion in 2022/23. This will support the businesses that make our high streets and town centres a success and help them to evolve and adapt to changing consumer demands. The 2022/23 Retail, Hospitality and Leisure Business Rates Relief scheme will provide eligible, occupied, retail, hospitality and leisure properties with a 50% relief, up to a cash cap limit of £110,000 per business.
Retail Discount will be awarded automatically where the qualifying criteria are clearly satisfied, and where not, applications in writing will be accepted.
For more information, view Gov.uk guidance.
Non-Domestic Rates, or business rates, collected by local authorities are the way that those who occupy non-domestic property contribute towards the cost of local services.
Under the business rates retention arrangements introduced from 1 April 2013, Brentwood Borough Council and its precepting authorities can keep a proportion of the business rates paid locally. This provides a direct financial incentive for Brentwood Borough Council to work with local businesses and create a favourable local environment for growth as the Council will benefit from growth in business rates revenues.
The money, together with revenue from council tax payers, revenue support grant provided by the Government and certain other sums, is used to pay for the services provided by the Council and other local authorities in your area.