The government announced three new rate relief schemes in the Spring Budget. The schemes are aimed at reducing the impact of business rate increases planned for 1 April 2017.
Small businesses that face large increases through the loss of their entitlement to Small Business or Rural Rate Relief can apply. The scheme will ensure their increase per year in bills (prior to the business rates supplement) is limited to a cash value of £600.
Pubs with a rateable value under £100,000 will receive a rates discount of £1,000 for 2017/2018.
Also a £300m discretionary relief fund will be available over four years from 2017/2018, This is to support businesses facing the steepest increases in bills following revaluation. South Oxfordshire District Council will be able to use discretionary powers to award relief under legislation.
Where to Look for Advice
Visit the South Oxfordshire District Council website for further details. Their business rates pages contain comprehensive information on how rates are worked out. This includes a guide to rateable values, relief schemes and how you can work out your own rates.
Alternatively, contact Vicky Johnson, the council Revenues and Benefits Client Officer on 01235 422481.
The UK Government’s own website also contains a host of information on business rates and types of relief schemes.