HM Treasury: Estate agents and lettings agencies to pay no business rates
Estate agents and lettings agencies that have closed as a result of COVID-19 will not have to pay business rates this coming financial year, according to HM Treasury.
Eligible businesses will be rebilled by their local authority, and the new bill will give them the discount of 100%.
Furthermore, if businesses have made payments, they will be refunded by their local authority.
Chancellor Rishi Sunak said: “We are determined to do whatever it takes to support businesses during Covid-19, which is why we have extended business rates relief for the high street.
“Today, I am removing some the exclusions for this relief, so that retail, leisure, and hospitality properties that have closed as a result of the measures announced by the Prime Minister in his statement on Monday will now be eligible for the relief.
“This will ensure that estate agents, lettings agencies and bingo halls that are required to close will not pay any business rates next year.”
Mark Hayward, chief executive, NAEA Propertymark, added: “We are pleased to see that the government has listened and acknowledged the concerns from many estate and letting agencies across the country, that resulted in requests to three Secretaries of State last week for the business rates relief to be extended to estate and letting agents.
“This is a real boost in uncertain times and will assist all businesses that are finding it difficult to operate in the current environment.”