Business as usual for Scotland’s retailers
Scotland’s Finance Secretary, Derek Mackay, published his draft budget proposal including plans to provide Scotland with economic certainty ahead of Brexit. So, what will this mean for retailers?
Overall, the proposals will not make much difference to retailers in Scotland but working with bira’s approved partner for rates appeals, Mark Radford, we’ve summarised what the announcement will mean for retailers in Scotland.
- The multiplier will rise a little less than the Consumer Price Index (CPI) level at 2.1% rather than 2.4%
- Unlike in England, there will be no specific retail relief in 2019/2020
- The Small Business Bonus Scheme will continue
- This provides 100% relief for properties with a Rateable Value (RV) of up to £15,000
- Properties assessed between £15,001 and £18,000 will receive 25% relief
- If more than one property is occupied and the combined RV is between £18,001 and £35,000, there will be 25% relief on each individual property with an RV less than £18k
- The maximum relief available is £7,200
- New properties or improved/extended properties will have increases in liability deferred for 12 months
- The proposed business rate levy on out of town/internet retailers has been abandoned
Read Scottish Draft Budget here
Find out more about the bira rating appeal service here.