A NEW business rate relief policy designed to help those firms badly affected by the 2017 business rates rise has been agreed by Stratford district council’s cabinet.
More than a quarter of businesses in the area saw an increase in their rates from the revaluation.
£382,000 of funding from Central Government has been provided following the Spring 2017 Budget to help those firms facing the largest increases.
Each district has been handed money to help as they transition to the new rates over the next four years.
There are three schemes the district council’s new ‘Discretionary Non-Domestic Rate Relief Policy’ will support.
Discretionary Relief Scheme – will offer eligible firms a 40 per cent discount on the increase of their 2017/18 business rates bill. It is anticipated this will assist around 900 businesses.
Public House Relief – for pubs with a rateable value below £100,000. More than 100 pubs in the district will receive a one-off £1,000 discount on their business rate bill for 2017/18.
Small Business Scheme – for firms faced a large increase as a result of the loss of small business or rural rate relief.
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.
