Council launch public consultation on business rates relief scheme
PUBLISHED: 11:08 13 June 2017 | UPDATED: 11:09 13 June 2017
The scheme will support businesses who have been affected by the government's business rate revaluation
Bromley council have launched a public consultation into a scheme to support local businesses affected by the government’s business rate revalutation.
The government announced in spring that £300 million would be available nationally over four years to support businesses who had been affected with the largest rate increases following the revaluation.
The public consultation will finish on June 30, with a decision to be presented in July.
Bromley executive councillor for resources, Graham Arthur, said: “Whilst this goverment funding is welcome, with the funding tapering down in ths period, our aim is to make sure that the monies get to businesses as soon as we can.
“This short period of consultation is designed to help businesses understand what is being proposed and to get the actual funding to the most affected businesses.”
Relief is limited to properties with a rateable value under £200,000 and who have suffered a loss of more than 12.5 per cent. It is anticipated that 2,600 businesses would receive assistance, with a 25 per cent reduction.