Business Support and Business Rates
Business Rates Update 14 September 2021
UK Government Support for Business
Central government has provided consolidated information to support business in response to this pandemic. This information can be found at [GOV.UK – Support for Business]
On 3 March 2021, the government confirmed that the Expanded Retail Discount would continue to apply in 2021/22 at 100% for three months, from 1 April 2021 to 30 June 2021, and at 66% for the remaining period, from 1 July 2021 to 31 March 2022. The government confirmed that there would be no cash cap on the relief received for the period from 1 April 2021 to 30 June 2021. From 1 July 2021, relief will be capped at £105,000 per business, or £2 million per business where the business is in occupation of a property that was required, or would have been required, to close, based on the law and guidance applicable on 5 January 2021.
This relief has been applied to the rates accounts of qualifying businesses.
More information about Central government support for businesses is available at [GOV.UK – Support for Business]
Under the business rates retention arrangements, introduced from 1 April 2013, local authorities keep a proportion of business rates raised.
However, due to the amount of rates collected by the City of London Corporation, it pays a tariff to central Government to be redistributed to local government. As a result, the amount retained is quite small compared with the amount collected.
The City Corporation share of rate income and the income from its council tax payers is used to pay for the services provided by us and other local authorities in your area.
Because of its special circumstances - notably its very small resident population and high daytime population - the City Corporation can set its own rate and retain part of the proceeds to help pay for the services it provides. The City Corporation keeps the sum resulting from the premium which has been levied, following consultation, to further enhance the Police Service, security, resilience and contingency planning in the City.
For further information, please use the links on the left to navigate around and, if you are unable to find the information you require, refer to the contacts page.
If you have a business rate account with the City Corporation you can register to view your account details online. For further information about this self service facility please see our business rates online page.