Advisers in receipt of small business rate relief will receive a £10,000 grant from the government
During a Treasury Committee meeting in parliament on Wednesday afternoon (18 March), Chancellor Rishi Sunak confirmed businesses in receipt of small business rate relief would get £10,000 from the government, regardless of whether their business was affected by virus.
The Chancellor stressed the government's action was designed to be kept simple, hence the decision not to target particular sectors hit especially hard by the pandemic, nor individual's revenue decline, nor a more "tranched" system.
Sanak said: "We decided to do something simple… we went for flat, generous grants."
A firm can benefit from business rate relief if its property's rateable value is less than £15,000. For advisers, this would typically not apply to individuals working out of big offices, nor those working from a home office, but rather those working from a property separate to their house with a low rateable value.
The measure was announced yesterday when the Chancellor gave an update on coronavirus-related government expenditure.
Sunak has repeatedly said the government is willing to do "whatever it takes" to get the country through the pandemic. Yesterday he announced £330bn of government-backed loans to fund the fight against the virus. He described the situation as "an economic emergency".
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