Speedy rates relief for small businesses

Nearly 700 small to medium sized businesses in Bury are set to receive rate relief totalling £650,000.

Bury Council is looking at automatically granting eligible firms the money instead of asking them to apply for it.

The new business rates discretionary payments aim to help companies whose rates were increased following revaluation in April this year.

It will apply to 694 businesses in Bury whose rateable value is £100,000 or less. For the financial year 2017-18, the amount of discretionary relief will be 60% of the increase in the amount of business rates charged between 2016/17 and 2017/18.

Smaller percentage payments will apply over the following three years, as the amount of Government money available to Bury over the four years of the discretionary payment scheme is frontloaded, with the lion’s share (£380,000) in the first year.

The council’s cabinet is being recommended to approve the payments when it meets next Wednesday (18 Oct). If approved, relief payments would be introduced immediately and backdated to 1 April 2017.

Councillor Eamonn O’Brien, cabinet member for finance and housing, said: “Business, jobs and investment are vital to the success of our borough, and we want to ensure they get all the support we can give them.

“That’s why we are proposing, under this scheme, to identify eligible businesses from our database and award discretionary rate relief automatically, without the need for businesses to apply for it. This will simplify administration and provide value for money, and ensure that as many businesses as possible benefit from the scheme.”

ENDS

Press release issued: 11 October 2017.