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.

I have worked with Jeremy Symons over the past three years successfully leasing and buying property in support of my business. I continue to be very pleased with his knowledge of the market and expertise. Our relationship over this time has resulted in acquiring 20,000 sq ft at Capital Business Park in Cardiff, leasing 11,000 sq ft at Southpoint, and subsequently leasing an initial 42,000 sq ft at Parc Bedwas, followed by a succession of expansions of a further 11,000 and then 47,000 sq ft, enabling us to centralise all of our operations at Parc Bedwas in a single 100,000 sq ft facility. The acquisitions were completed at the perfect time for tenant purposes and the rent fixed throughout the term at very economical rates. A job well done.

Bob James, Aerfin