Up to 90% of retail properties will see their business rates reduced by one third for the next two years from today, Monday 1 April 2019, reducing costs for hard pressed high street retailers, according to a leading commercial property agent.
Richard Wilson, Associate Partner at Teesside independent commercial property consultants Dodds Brown, says that retail properties with a rateable value of less than £51,000 will receive the discount.
“This is good news for the vast majority of retailers and is part of the Government’s plan for the future of the high street announced in the 2018 Autumn Budget,” says Mr Wilson.
“The discount does not affect the Small Business Rate Relief scheme, so this will benefit all properties which qualify. In our home town of Middlesbrough, it will certainly make a real difference to retailers considering taking on a high street property, reducing their rates bills for the next two years.”
From its offices in Middlesbrough, Dodds Brown LLP is the largest independent commercial property surveying practice headquartered on Teesside. It offers a comprehensive commercial property service and unrivalled local market knowledge across Teesside and throughout the Tees Valley. Dodds Brown has been trading for more than 125 years and its senior management team has in excess of 100 years combined experience.