Gravesham council to introduce three business rate relief schemes for those affected by government’s revaluation
PUBLISHED: 12:21 31 July 2017
The council will be contacting entitled businesses
Gravesham council has announced it will be putting in place three business rate relief schemes after receiving funding from government.
In spring the chancellor announced that £300 million would be available nationally over four years to support businesses affected by the business rate increases following the revaluation.
The Supporting Small Businesses Relief protects small businesses and how much they are liable to pay if the rateable value of their property has increased significantly compared to last year.
The Valuation Office Agency revalued all business premises in England, and as a result small businesses were seeing increases in the amount they had to pay.
Under this new scheme, the maximum increase that those businesses will pay has been limited to £600 in 2017-18.
Pub Relief is the second scheme and is designed to support local pubs with a rateable value of £100,000 or less. They will get up to £1,000 discount on their bill for 2017-18.
A handful of the larger pubs in the borough will not entitled to the discount because of their rateable value being highter than the threshold specified by the government.
The Local Discretionary Relief Fund will consist of £174,000 made available for 2017-18 to provide additional support to any local businesses that would have seen a large increase in their business rates bill, after taknig into account the exisiting financial support arrangements that were in place.
The council can limit the increase to 2 per cent - and up to £100 - for all eligible ratepayers, with the only exceptions being empty properties, multi-national companies, those businesses operating in many lcoal authority areas or if the propoerty has a rateable value of more than £200,000.
Councillor Leslie Hills, cabinet member for performance and administration, said: “These schemes are all about supporting some of the smallest local businesses and making sure they have reliefs in place to continue to be financially viable. Using the government money available to us in this way is another example of how we are supporting the local economy in Gravesham by developing a strong support package for local businesses thereby limiting the impact of the recent revaluation exercise.”
If you value what this story gives you, please consider supporting the Gravesend Reporter. Click the link in the orange box below for details.