Chamber News

Views being sought on local business rates relief scheme

Waveney District Council are proposing to implement a local business rates relief scheme for those businesses affected by the recent rates revaluation. They are looking for input and views to help shape the eligibility criteria being proposed and the process for assessing any applications for those businesses looking for relief. 

In summary:

The Government has calculated how much each local authority receives on the number of businesses that have rateable values less than £200k and who experienced increases in their business rates bills of 12.5% or more (after other reliefs have been applied) as a result of the 2017 revaluation. The Council’s proposal for its scheme aims to go further and offer relief to businesses with rateable values less than £200k whose rate increases were 9% or more. If the proposed scheme is introduced, eligible businesses would receive relief to reduce the increase in their business rates bill to a maximum of 9%. Any remaining funding following the allocations to eligible businesses would be allocated to those businesses experiencing extreme hardship as a result of the revaluation, through a discretionary ‘Hardship Fund’.

Please see the below link for further information:

http://www.eastsuffolk.gov.uk/news/views-sought-on-business-rate-relief-scheme/

The deadline for comments is Monday 4th September.

Article by Suffolk Chamber