Good News for Markets and Business Rates Relief

Good News for Markets and Business Rates Relief

NABMA are pleased to confirm that following the Chancellor’s Budget Statement about business rates relief, we have now received confirmation from Mel Stride MP, Financial Secretary to the Treasury, that markets will be able to benefit from the relief.

A letter from the Mel Stride confirms :

“The Government considers markets to be eligible for the retail discount, subject to state aid limits. You should be pleased to know that markets are therefore referenced specifically in the guidance under “Hereditaments that are being used for the sale of goods to visiting members of the public.”

The guidance can be accessed at www.gov.uk/government/publications/business-rates-retail-discount-guidance.

This is great news for markets as we start 2019 and means that markets which have a business rates assessment up to £51,000 qualify for relief. Relief also applies to individual market units where they are subject to separate assessment. 

If any member wants further advice on this issue please contact NABMA as we have a Business Rates consultant as part of our professional support team for members.