East Lindsey District Council has agreed how it will use additional Government funding to help support small and medium sized local businesses facing Business Rates increases.
For the 2017-18 financial year, the District Council has been allocated £420,000 of Government funding to help take the pressure off local businesses facing the greatest rises in Business Rates. These rises have come about following a national revaluation of Business Rates.
In March, Government announced that it would make £300 million available for councils to distribute among businesses facing the steepest increases.
Councils were tasked with making sure that businesses in their areas are sufficiently supported through this newly created fund.
As limited funding is available, the District Council has agreed that ratepayers of occupied business properties with a rateable value up to £100,000, facing an increase in their rates bill as a result of the revaluation, will be awarded up to £1,000 relief through this scheme in 2017/18.
Over 1,000 businesses across the area will be entitled to the support. Businesses identified as potentially eligible for this support will be contacted directly by the Council.
The Council has been allotted £420,000 to use for Business Rates relief during 2017-18, followed by £204,000 for 2018-2019; £84,000 for 2019-2020; and £12,000 for 2020-21.
Portfolio Holder for Finance at the Council, Coun Nick Guyatt, said: “This money will be used to help the business community to transition into the new Rate scheme.
“The Council has drawn up guidelines to provide greater clarity concerning which businesses in the district will benefit, and the criteria used to determine relief.
“The scheme will support the District’s business community and the local economy.”