Business rate relief for companies going green

24 March 2022
  • Business Rate advice Cooke & Arkwright

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In his Spring Statement on Wednesday 23rd March, the Chancellor announced two new business rates reliefs in England which came into effect in April 2022.

There is an exemption for a range of green technology and storage, such as rooftop solar panels, wind turbines and battery storage used with renewables.

Eligible low carbon heat networks with their own rates bill also receive 100% relief. The exemptions will last until March 2035. They were included in the Government’s Business Rates Review final report and this announcement brings them forward by one year. However, they will not apply in Wales, where Business Rates are devolved.

The support for SMEs comes on top of 50% business rates relief for eligible retail, hospitality and leisure properties coming into effect this April. This is capped at £110,000 and is also available in Wales.

Cooke & Arkwright have been providing rating valuation advice to The Welsh Rugby Union Limited (“WRU”) and Millennium Stadium plc for many years. They were recently successful in achieving substantial reductions in the assessments of the Millennium Stadium, covering both the 2005 and 2010 rating list. These negotiated reductions yielded savings of c.£3.5m which, crucially, allows the WRU to re-invest in rugby throughout Wales. They advise the WRU across the group portfolio including the National Centre of Excellence in the Vale of Glamorgan. The valuation issues across the WRU portfolio are complex requiring a high level of understanding of the funding and finances of professional sport in Wales. Cooke & Arkwright’s experience and understanding of these issues and application to the rating valuation have yielded these substantial negotiated reductions. The WRU and the Millennium Stadium entrust our work to organisations with the required levels in experience and expertise in dealing with these complex issues. I am glad to say we have this expertise in Wales. I would have no hesitation in recommending ratepayers making use of this Welsh based expertise.

Steve Phillips, Group Finance Director, Welsh Rugby Union Group