Hotels and bars across Scotland are among those who will benefit from a cap to their business rates bill following an announcement by Public Finance Minister Kate Forbes.
Having already benefited from the cap in 2017-18 and 2018-19, hospitality businesses will now see rates capped at a maximum of 12.5% in real terms each year until April 1, 2022.
It follows the Business Growth Accelerator announcement in 2017. The policy, which is unique in the UK, ensures that new properties will not pay business rates until 12 months after first occupation.
In addition, properties will not see any improvement-related increases in their rates bill for one year after completion of the works.
Scotland’s Public Finance Minister, Kate Forbes, said: “In order to continue supporting Scotland’s wider economy, we must first ensure that local businesses, who play a valuable role in generating economic growth, receive the correct and necessary support in order to maintain business performance.
“A promising benchmark has been established as we move towards achieving a more secure, sustainable future for Scotland’s hospitality sector, and the Scottish Government has again shown a willingness to listen to the business community as we implement our ambitious non-domestic rates reforms.”
The Business Growth Accelerator was introduced by the Scottish Government from April 1 this year 2018 to support business growth and encourage investment.