Business rate rebates for Bourne and Deepings firms
Business owners in Bourne and the Deepings are among about 1,000 firms to benefit from business rate rebates totalling nearly £600,000.
The funding, to be applied across South Kesteven, applies to small and medium-sized businesses in the area hit by the sharpest increases following the business rate revaluations of last autumn.
The district council has acted quickly to secure this rebate for local businesses and carefully considered the distribution criteria to ensure it is done as fairly as possible
A total of £568,000 has been handed out to South Kesteven District Council (SKDC) by the Government after measures announced by Chancellor of the Exchequer Philip Hammond during the Spring Budget in March.
To qualify, businesses will have to face a rates increase of at least of three per cent and be operating from premises valued at £100,000 or less.
Coun Nick Robins, SKDC Cabinet Member for Retail and Visitor Economy, said: “I am sure that many local businesses will welcome the recognition by central government of the impact that the 2017 rate revaluation had on them.
“The district council has acted quickly to secure this rebate for local businesses and carefully considered the distribution criteria to ensure it is done as fairly as possible.
“For those companies that meet the criteria, the good news is that they do not have to apply for the rebate as it will be automatically applied over the next four years.”
Nearly 90 per cent of the rebate will be provided in the first two years, with a 58 per cent relief in 2017/18 followed by a 28 per cent discount in 2018/19.
Last month, South Holland District Council unveiled plans for a £295,000 scheme to help cope with business rate rises of an estimated 100 per cent in parts of the area. Its business rates relief scheme will see increases capped at £600 for premises with a rateable value of £100,000 or less.