Consultation for business rates transitional relief scheme
Published Tuesday, 13 June 2017
A scheme to support local businesses particularly affected by the government’s 2017 business rate revaluation will be introduced later this year, with consultation now under way.
Consultation about the local business rate transitional relief scheme will finish on 30 June, with a decision about the scheme then envisaged to be made in July, allowing the affected businesses to receive the relief as soon as practically possible. The news follows the government announcement earlier this spring that £300 million would be available nationally over four years to support businesses who had been affected with the largest business rate increases following the government revaluation of business rates.
“Whilst this government funding commencing from April 2017 over four years is welcome, with the funding tapering down in this period, our aim is to make sure that the monies get to businesses as soon as we can. This short period of consultation is designed to help businesses understand what is being proposed and to get the actual funding to the most affected businesses. The quickest and easiest way to respond to the consultation is by using the council’s website” said Councillor Graham Arthur, Executive Councillor for Resources.
Consultation follows confirmation that government funding is being allocated to local authorities in proportion to the number of most severely affected properties in individual borough areas. The government have then advised that individual councils then need to devise their own discretionary relief scheme suitable for their specific area.
The proposed scheme is designed to mirror the criteria used by government when allocating the available “pot” between local authorities. Relief is limited to all properties that have a rateable value of under £200k and who have suffered a loss (pre-transitional relief) of more than 12.5%. It is anticipated that approximately 2,600 would receive assistance, with a 25% reduction in the additional amount to pay in the current financial year, tapering down to 0.7% in year four.
- For media enquiries, please contact Andrew Rogers, Communications Executive, on 020 8461 7670 or email firstname.lastname@example.org