The 2023/24 Business Rate Reliefs

The UK government has released guidance on the 2023/24 Retail, Hospitality, and Leisure Business Rates Relief Scheme, following the Autumn Statement in November 2022. The scheme is aimed at providing eligible, occupied, retail, hospitality, and leisure properties with 75% relief, up to a cash cap limit of £110,000 per business. This article will provide a breakdown of the key points in the guidance.

Eligibility Criteria

To be eligible for the scheme, a hereditament (a property that is or may become liable for business rates) must be occupied and used wholly or mainly for one of the following purposes:

• Shops
• Restaurants
• Cafes
• Drinking establishments
• Cinemas or live music venues
• Assembly and leisure, including sports grounds and clubs, museums, nightclubs, stately homes, theatres, gyms, public halls, clubs, and institutions
• Hotels, guest & boarding premises, and self-catering accommodation, including caravan parks and sites.

The following types of properties are not eligible for the scheme:

• Financial services (e.g. banks, betting shops)
• Medical services (e.g. dentists, doctors, vets)
• Professional services (e.g. solicitors, accountants, recruitment agencies, estate agents)

Scheme Details

The Retail Relief/Discount Scheme applies only to 2023/24 and only to properties in England. Relief of 75% can apply to multiple eligible hereditaments but only up to the cash cap of £110,000 per business, including subsidiaries and any holding companies.

Relief is calculated on a daily basis and adjustable for any changes to the Rateable Value or Rating List. The 2023/24 relief is subject to subsidy control, formerly known as State Aid, as was the relief in 2022/23.

Ratepayers can refuse relief but cannot subsequently withdraw their refusal for either all or part of the financial year.

Get in touch

If you have any questions or concerns about the 2023/24 Retail Relief/Discount Scheme and how it may impact your business, AIT Accountants are here to help. Our team of experienced professionals can guide you through the eligibility criteria and help you take advantage of the relief offered by the scheme. Get in touch with us by emailing enquiries@aitaccountants.co.uk