IGA welcomes Chancellor’s support for small businesses in 2020 Budget
IGA 11/03/2020
The Independent Garage Association (IGA) is pleased by the changes being made to small business rates, as announced by the Chancellor in today’s 2020 budget.
“It is a welcome move from the government to abolish the rates in the retail sector. Most independent garage businesses have a rateable value of under £51,000, and will benefit greatly from this.” commented Stuart James, IGA CEO.
“The cost of running a garage and investing in new equipment, coupled with the shortage of skilled technicians, is a significant concern for garage owners and this measure will be a great help.”
In today’s Budget, the Chancellor also announced £2.1 billion would be made available for grants of £3,000 for any business which qualifies for small business rates relief. The 100% retail discount will be extended to eligible retail businesses, meaning a total 12-month exemption for retail outlets from the 6th April 2020. This is estimated to save each business up to £25,000.
About the RMI
The Retail Motor Industry represents the interests of operators in England, Wales, Northern Ireland and the Isle of Man providing sales and services to motorists and businesses. The RMI has a formal association with the independent Scottish Motor Trade Association which represents the retail motor industry in Scotland.