Supporting Small Businesses
The Chancellor announced that a scheme of relief would be made available to ratepayers facing a large increase as a result of losing small business rate relief. This may occur due to an increase in rateable value following the 2017 revaluation.
The supporting small businesses relief will help those ratepayers who, due to change in rateable value at the revaluation, are losing all or part of their small business rate relief or rural rate relief and, as a result, are facing large increases in their rates bill. To support these ratepayers, the supporting small businesses relief will ensure that the increase per year in bills is limited to the greater of:
- A cash value of £600 per year (£50 per month) or
- The matching cap on increases for small properties in the transitional relief scheme.
The relief will run for 5 years to 31 March 2022 and ratepayers will receive relief until this date or they reach what their bill would have been within the relief scheme, which ever is the first.
Discretionary Revaluation Relief Scheme for businesses facing steepest increase following the 2017 Revaluation
The Chancellor announced a £300 million discretionary fund over four years to support those businesses that face the steepest increases in their business rates bill as a result of the 2017 revaluation.
The intention is that every billing authority will be provided with a share of the £300 million to support their local businesses. The Government has consulted on the design of the discretionary relief scheme and, subsequently, Waverley has consulted on the details of the scheme with the local Chambers of Commerce and Surrey County Council. Revised business rate bills are being sent out in early October.
Waverley allocated about £490,000 during 2017/18 and intends to credit £240,000 to rates bills during 2018/19. Relief is awarded to those ratepayers who received the discretionary relief during 2017/18 and new applications will not be accepted.
Support for pubs
The Government announced a relief scheme for pubs that have a rateable value of below £100,000. The relief is available to pubs that are open to the general public, generally allow free entry, allow drinking without requiring food to be consumed and permit drinks to be purchased at the bar.
The Government has extended the relief to include 2018/19.
If the relief is not shown on your bill please contact the Revenues team on 01483 523522.
Page owner: Harri Robinson. Last updated: 07/03/2018 15:27