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The Back in Business Rate Support Scheme (“the Scheme”) is funded by the Department of Finance and offers businesses a 50% rates discount for up to two years if they occupy a vacant retail unit. This Scheme is designed to incentivise business rate payers to consider the occupation of empty retail premises when looking for a business property.
Important points to consider before applying for the Back in Business Rate Support Scheme include:
Eligibility criteria for the Back in Business Rate Support Scheme:
Businesses who wish to apply to the Scheme should complete the relevant application form and submit it along with the supporting documentation to the Land and Property Services.
If you plan on acquiring, or taking on a new lease for a vacant retail unit we can assist by carrying out all the necessary legal work, such as due diligence of vacant unit, reviewing title deeds, and negotiating and completing sale or lease documentation. If you would like any further information about the Back in Business Rate Support Scheme, or any other commercial real estate matter, please get in touch with a member of our Commercial Real Estate team.
This article has been produced for general information purposes and further advice should be sought from a professional advisor. Please contact our Commercial Real Estate team at Cleaver Fulton Rankin for further advice or information.