Bromley council to implement business rates transitional relief scheme
PUBLISHED: 10:03 20 July 2017 | UPDATED: 10:09 20 July 2017
They made the decision at the executive meeting last night, July 19
A scheme to support local businesses affected by the government’s 2017 business rate revaluation is being implemented by Bromley council.
The decision was made at an executive meeting on July 19, following public consultation, and allows affected businesses to receive transitional relief later this year.
In spring tha chancellor announced that £300 million would be available nationally over four years to support businesses affected by the business rate increases following the revaluation.
Graham Arthur, executive councillor for resources, said: “We are now pressing ahead to get the actual funding to those most affected. We will be contacting businesses it appears might qualify so that they can then formally apply if they fit the criteria.”
The funding will be allocated in proportion to the number of most severely affected properties in borough areas commencing April 2017.
Relief is limited to all properties that have a Rateable Value of under £200,000 and who have suffered a loss of more than 12.5 per cent.
Approximately 2,600 could receive assistance.