Submitted by Richmond Olympus on Monday 8th February 2021
Published on Wednesday 17th February 2021
Current status: Closed
Closed: Tuesday 17th August 2021
Signatures: 9
Relevant Departments
Tagged with
business rates ~ CLOSED ~ Covid ~ Covid-19 ~ Enable ~ FREEZING ~ Landlord ~ Landlords ~ Lockdown ~ Major ~ plan ~ property ~ reopening ~ sustainability ~ sustainable
Freeze business rates for the financial year ending 2022
Most property based businesses have been closed or partially closed for the last twelve months. Rents would have continued to be due and whilst many landlords may have exhibited forbearance during the lockdown, they will expect rent payments to resume, including arrears, once trading commences.
Freezing business rates will enable businesses to use the twelve months post reopening to manage and plan for the onslaught of rent obligations plus arrears placing their business back on an even financial footing. For a typical smaller businesses on low margins and for whom rent and rates make up a major proportion of operating expenses, such an approach will be the difference between financial sustainability or widespread closures and the associated social and economic consequences.
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