In the Spring Budget on 8 March 2017, the Government announced a number of relief schemes to assist businesses following the Revalution 2017. These reliefs include;
Rate Relief for Supporting Small Businesses
Those ratepayers who are facing large increases in their bills as a result of loss of Small Business Rate Relief or Rural Relief Rate will be eligible for this relief. This relief is a temporary measure for financial years 2017/18 to 2021/22. For full details of this relief, please see the.
Locally Administered Business Rate Relief
East Lindsey District Council has been allocated £720,000 of a £300 million national pot made available by the Government to design a local discretionary rate relief scheme to support those businesses most adversly effected by the Revaluation. For full details for this relief, please see the.
East Lindsey District Council extended the Local Business Rates Discretionary Rate Relief scheme to maximise relief awards to the level of Government funding made available in order to support ratepayers adversely affected by the revaluation.
The details of the extended scheme are as follows:
Where a ratepayer of a small business (RV under £51,000) has an occupied business rates liability, after all other reliefs have been applied, and has had an increase of over 50% in their RV as a result of the 2017 revaluation; award Local Discretionary relief to the value of 60% of the Transitional Relief awarded in 2017/18.
The ratepayer must be in occupation on 31 March 2017 and on or after 1 April 2017 to qualify for the relief. Relief will be apportioned at a daily rate should the ratepayer vacate the property. Any relief entitlement for the financial years 2018, 2019 & 2020 will reduce at the same rate as the Government funding made available. (reducing by 51%, 59% & 86% each year)
Although, all ratepayers that we believe will qualify for these reliefs have been sent application forms, if you would like any further information regarding this, please ring on 01507 601111 selecting Business Rates.