At last there is some good news for the high street, as the Government announced a new relief scheme for retail properties with a rateable value below £51,000. Under the scheme, eligible ratepayers will receive a one third discount off their daily chargeable amount. The relief will come into effect for 2019-20 and 2020-21. State aid rules will apply to the retail relief in the normal way. It is anticipated that relief will be automatically awarded to businesses.

Therefore retail businesses should now receive a 33% discount in rates payable from 1st April 2019. This measure introduced by the Government should help reduce costs for retail tenants in a difficult retail market.

Whilst the above is a positive step, we at Fisher German hope the Government will introduce further measures to assist the high street.

One idea we believe should be introduced to drive footfall back to the high street, would be to review the current VAT rate. A reduced VAT rate for goods bought in physical shop premises, rather than online, would be a positive step to bring business back to the high street.

Contact one of our commercial team on 01565 757970