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Scotland announces 3-month business rates holiday extension

// Scotland’s business rates holiday is to be extended for a further three months
// Finance secretary Kate Forbes announced the extension as part of the Scottish Budget
// The scheme was initially due to expire on March 31

The business rates holiday in Scotland is to be extended for a further three months, until June 30, 2021.

Scotland’s finance secretary Kate Forbes announced the extension as part of the Scottish Budget on Thursday, although the scheme was initially due to expire on March 31.

The relief will continue to be available for properties in the retail, hospitality, leisure and aviation sectors.

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The Scottish government has committed to reducing business rates to 2019/2020 levels which it estimates will save Scottish businesses over £120 million.

The government also said that should chancellor Rishi Sunak decide to continue the business rates relief past June 30 in the upcoming budget, it will match the extension.

Sunak will announce the budget on March 3.

It still remains uncertain as to whether Sunak will extend the business rates holidays for England and Wales.

Across the UK, landlords may be forced to pay nearly £1 billion in business rates for empty shops during the Covid-19 pandemic, real estate adviser Altus Group warned earlier this week.

The collapse of both Debenhams and Arcadia group could see 14 million sq ft of retail space become vacant. Landlords may have to stump up a further £141 million annually in empty rates, after a short exemption period, if new tenants cannot be found.

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The post Scotland announces 3-month business rates holiday extension appeared first on Retail Gazette.



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