Businesses in the retail, hospitality and leisure sectors are to receive a one-off grant worth up to £9,000, the Chancellor announced 5 January.
The Chancellor announced one-off top up grants for retail, hospitality and leisure businesses worth up to £9,000 per property to help businesses through to the Spring. In addition there is a £594 million discretionary fund also made available to support other impacted businesses.
The grants will be provided on a per-property basis to support businesses through the latest restrictions, and is expected to benefit over 600,000 business properties, worth £4 billion in total across all nations of the UK.
A further £594 million is also being made available for Local Authorities to support other businesses not eligible for the grants, that might be affected by the restrictions. Businesses should apply to their Local Authorities.
The one-off top-ups will be granted to closed businesses as follows:
- £4,000 for businesses with a rateable value of £15,000 or under
- £6,000 for businesses with a rateable value between £15,000 and £51,000
- £9,000 for businesses with a rateable value of over £51,000
- Any business which is legally required to close, and which cannot operate effectively remotely, is eligible for a grant
We will keep you up to date with further details as and when the Governments release information.
Rob Case is Partner and Head of Tax, please get in touch with your usual contact at Randall & Payne for any help or advice about these new grants via email or call 01242 776000.