On the back of conversations with a Propertymark member, we wrote to The Rt Honourable Andrea Leadsom MP urging her to extend the small business retail discount.
Both lettings and estate agents fall under the category of ‘offices’ for the purposes of determining business rates to be paid to their local authority, despite being the bedrock of the local high street
The December 2019 Election Manifesto from the Conservative Party committed to investing in towns and communities. The new deal for towns would create ‘thriving high streets’ through cutting taxes for small retail businesses, something agents would not benefit from.
In the Queen’s Speech in December 2019 the Government restated its commitment to support business by bringing forward changes to business rates. Measures highlighted included increasing the retail discount from one-third to 50 per cent, and extending the retail discount to cinemas, music venues, and introducing an additional discount for pubs. Again – no help to agents.
Our letter on 16 January 2020 urged Leadsom in her capacity as Secretary of State for Business, Energy and Industrial Strategy to extend the small business retail discount to include estate and letting agents in order to retain and promote growth not only of the sector but the local high street.
We have also requested a meeting to further discuss the matter and the concerns of our members.
If you have evidence of the impact business rates are having on your agency that you would be happy to share with us to strengthen our case, please email us at [email protected].
