Amid the current outbreak of the coronavirus, The City of London Corporation will be temporarily scrapping business rates for small retail, leisure and hospitality businesses and have also announced a 100% reduction for businesses in these sectors with a rateable value of below £51,000 for 2020/21 as it looks to support firms through the Covid-19 pandemic.
City of London corporation policy chair Catherine McGuinness said: “We recognise that businesses based in the Square Mile are facing difficult trading conditions as a result of the current outbreak. The chancellor rightly set out steps to support households and businesses, particularly SMEs, in the Budget earlier this week. We will contact those businesses covered by these changes and urge those facing genuine hardship to get in touch.”
“By smoothing this financial obligation in the short term, we hope City businesses will be able to overcome this outbreak and continue to be a vital part of the fabric of the Square Mile long into the future. We aim to do all we can to assist our businesses, small and large, as they seek to weather the challenges they will face in the coming weeks and months.”