Scotland has recently announced the extension of its business rates holiday for an additional 12 months, offering much-needed relief to the retail, hospitality, and leisure sectors in the country. This decision, made by Scotland’s finance secretary Kate Forbes, comes as part of the £1.1 billion funding allocation received from the UK government’s coronavirus spending package. By prolonging the business rates holiday until April 2022, the Scottish government aims to support smaller businesses in surviving the ongoing economic challenges and facilitate their recovery once normalcy returns.
The Federation of Small Business (FSB) has welcomed this move, emphasizing its significance in helping businesses navigate the uncertainties brought about by the pandemic. The FSB has underlined the importance of backing local and independent enterprises during these trying times. Consequently, industry leaders are now urging UK Chancellor Rishi Sunak to follow Scotland’s lead and implement similar relief measures for England in the upcoming budget announcement.
The lack of clarity surrounding business rates relief has generated concerns among many firms, with worries of facing tax liabilities before they can fully resume operations. Scotland’s extension of relief serves as a model for providing support to other sectors severely impacted by the pandemic, advocating for consistent assistance to ensure businesses’ survival and eventual rebound.
As the March 3 Budget looms, business owners are anxiously anticipating the Chancellor’s declaration to determine if they will receive the vital relief they require. The retail, leisure, and hospitality industries have borne the brunt of the pandemic’s repercussions, necessitating immediate and sustained aid to help them weather the crisis. It is imperative for the government to act promptly and decisively in addressing the needs of struggling businesses, equipping them with the essential resources to not only endure but also thrive in the post-pandemic economy.
For more information on business rates relief in Scotland, visit official Scottish Government website. Additionally, to learn about UK government support and initiatives for businesses during the pandemic, check out UK government’s COVID-19 business support page.
