Published on 9 October 2017
Archived on 9 November 2017
Stratford-on-Avon District Council's Cabinet has today, Monday 9 October, agreed a new Business Rate Relief Policy designed to help those businesses adversely affected by the 2017 Business Rates increases.
There were just over 27% of businesses in the area who saw an increase in their business rates from the revaluation.
£382,000 of funding from Central Government has been provided following the Spring 2017 Budget to help those businesses facing the largest increases. Each district has been handed money to help businesses as they transition to the new rates over the next 4 years.
There are three schemes which the District Council's new 'Discretionary Non-Domestic Rate Relief Policy' will support.
Discretionary Relief Scheme
This will offer eligible businesses a 40% discount on the increase of their 2017/18 business rates bill. It is anticipated that this policy will assist around 900 businesses.
Public House Relief
This is for pubs that have a rateable value of below £100,000. Over 100 Public Houses in the District will receive a one-off £1,000 discount on their business rate bill for 2017/18.
Small Business Scheme
This is for businesses that faced a large increase as a result of the loss of small business or rural rate relief.
Cllr Dave Riches, Enterprise and Revenues Portfolio says: "This is good news for our businesses, ensuring the allocation of this vital funding given to us is used to minimise the impact on our vital small and medium enterprises in the district. In addition, there are no financial implications for the Council as the Discretionary Policy is allocating funding issued by the DCLG as a direct result of the Revaluation of Business Rates."
Eligible businesses will be contacted shortly to notify them of their grant funding, with their share for the financial year 2017/18 backdated to April 2017.
Stratford-on-Avon District Council
Elizabeth House, Church Street,
Tel: 01789 267575