3,000 businesses in East Lindsey will benefit from additional Rate Relief

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A temporary change in Government legislation, which will become effective on October 1, 2010 and be applicable until September 30, 2011, will see businesses with a rateable value of less than £12,000 entitled to a reduction in Rates.

This announcement will be welcome news to the small businesses in East Lindsey that have been hit hard by the recession.

Portfolio Holder for Finance at the District Council, Councillor Colin Davie, explained: “This is an important piece of legislation because it will help many businesses in our District at what remains a challenging time. After years of bureaucracy I’m pleased the Government recognises that small businesses are the backbone of our economy and they deserve this support.”

East Lindsey District Council has already issued new Business Rates bills to 3,012 businesses that it knows are eligible to a reduction but there may be other businesses out there that fulfil the Business Rate Relief criteria.

Neil Sharpley, East Lindsey Branch Chairman of the Federation of Small Businesses, warmly supported the call for small businesses to apply for this Small Business Rate Relief: “Small businesses are the lifeblood of the economy and this is very valuable support from the Government.”

“Most East Lindsey small businesses are already claiming this Relief but, if they are not, I would urge them to apply now!”

“This could save a business thousands of pounds and all that has to be done is to claim it!”

Updated criteria for Business Rate Relief:

• Business ratepayers qualify for small business rate relief if they occupy just one property in England with a rateable value of less than £12,000
• Some ratepayers might still qualify for relief if they have more than one property, but there is a total rateable value limit of £18,000, and any additional properties must have rateable values less than £2,600.
• Eligible businesses with a rateable value of below £6,000 will temporarily, as part of this change, will get 100% rate relief on their liability.
• For properties between £12,000 and £18,000 there is a ‘buffer’ where the multiplier used for calculating the rates liability will be the small business multiplier instead of the standard multiplier.

If you would like more information about the Business Rate Relief or if you think your business could be entitled to a reduction in Business Rates, please contact East Lindsey District Council’s Business Rates Team on 01507 329412 or email nndr@e-lindsey.gov.uk.

East Lindsey District Council collects Business Rates on behalf of the Government and does not keep the money locally.