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2011-08-17 : Retailers affected by riots granted relief from business rates.
In the week following the riots which have taken place across England, and especially in London, David Cameron announced the emergency measure in Parliament as plans to help businesses affected by riot damage to get back on their feet were outlined.
As well as allowing exemptions to business rates payments, plans for a £20m high street support scheme were announced. This fund would help businesses get back to trading and meet the short-term costs of repairing buildings and replacing stolen or damaged stock.
Research carried out by the Local Data Company suggested that around one in ten of the UK's retail and leisure businesses were affected, either directly or indirectly. This equates to over 48,000 shops, restaurants, pubs and nightclubs.
Claims for compensation under the Riot Act are expected to top £200m, and the Association of British Insurers has assured the Government its members would endeavour to process these applications quickly.
Contact Ruddle Merz today for advice on the riots or any other issues which could affect your business rates liability, including roadworks or unused space at your premises.
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