Small businesses in the borough of Havant will receive a discount to their business rates thanks to the introduction of a new scheme.
A discretionary business rates relief scheme was announced earlier in the 2017 Budget to help ease the increased financial burdens created by the business rates revaluation which came into effect on 1 April 2017. Local councils have been awarded funding and given the task of choosing how to distribute it in their areas.
Havant Borough Council has been awarded £300k over four years and has designed the Local Discretionary Relief Scheme for distributing this funding to eligible borough businesses.
The council has identified more than 380 businesses with a rateable value up to £200,000 that have seen an increase in their net rates of over £600, after all other reliefs have been taken into account.
In the Budget, the Chancellor also announced two further rate reliefs: Supporting Small Businesses Relief, for those who had lost Small Business Rate Relief as a result of the revaluation; and a Public House Relief. These businesses have already been identified and contacted.
Councillor Tony Briggs, Acting Leader of Havant Borough Council said: ‘These schemes are being delivered to help reduce some of the financial burden from the recent revaluation.
“The discretionary scheme will reduce the business rate liability of qualifying businesses. This scheme will ensure that an additional £175k is put into the borough's business economy this year, helping local businesses that have seen the largest increases in their business rate liability.”