Date published: 22nd September 2017
About 850 businesses across North Norfolk are in line to benefit from rate reliefs of more than £1m over the next five years thanks to the introduction of three schemes.
Businesses that have seen their rates go up following recent revaluations as well as pubs are amongst the beneficiaries of the schemes, which have been given the green light by North Norfolk District Council. The money has come from central government but it is down to local authorities to draw up plans to distribute the funds.
The largest chunk of money will come in the form of the Local Discretionary Revaluation Relief scheme. This fund – worth more than £900,000 in North Norfolk – is designed to help businesses that received steep rises in their bills following rate revaluations earlier this year. The decision by the District Council means about 700 businesses should be receiving new, lower bills under this scheme alone, highlighting that North Norfolk is a better place to do business.
The bulk of this cash – more than £500,000 – will be distributed this year, with a tapering effect over the next few years. The vast majority of the beneficiaries of this relief will see their rate increases cut by between 25% and 50% this year.
Supporting Small Businesses Relief is also aimed at helping businesses that were hit by the recent change in rateable values. It is specifically targeted at businesses that saw the loss of Small Business Rates Relief or Rural Rate Relief as a result of the revaluation process.
Meanwhile, it is thought that about 80 pubs will be better off thanks to Pub Relief.
Businesses that are due to benefit from these rate reliefs will be contacted automatically and sent amended bills over the next few weeks.
Cllr Wyndham Northam, NNDC Portfolio Holder for Revenues and Benefits, said: “It is great news that about 700 businesses will benefit from the Local Discretionary Revaluation Relief scheme, with others benefiting from the two other reliefs.
“We have acted promptly to find the best way to distribute this money, and businesses across the district should be receiving their amended bills soon.”
Cllr Tom FitzPatrick, Leader of North Norfolk District Council, said: “This is a great place to do business, and the fact that so many of our businesses will see a large reduction in their rate increases this year can only help the wider local economy.”
Last updated: 22nd September 2017