Spring Budget Rate Reliefs 2017
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 Public Houses 2018/19
Pubs with a rateable value of below £100,000 will receive a discount of £1000 on their bill. The relief will have effect for 2018/19. For full details of this relief, please see the . Any applications for this relief must be determined within 6 months of the end of the financial year for which the relief is being sought.
Rate Relief for Supporting Small Businesses 2017/18
Those ratepayers who are facing large increases in their bills from 1 April 2017 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
South Holland District Council has been allocated £295,000 of a £300 million national pot made available by the Government to design a local discretionary rate relief scheme to support those businesses most adversely effected by the Revaluation. For full details for this relief, please see the .
South Holland 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 65% of the Transitional Relief awarded in 2017/18.
Any entitlement to Locally Discretionary Relief under this scheme will be calculated prior to Pub Relief.
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 01775 761161 selecting Business Rates.