Business rates discretionary relief options
The government announced a revaluation of all properties, this took effect from 1 April 2017 and has resulted in a substantial increase in the rateable values of properties and therefore an increase in business rates bills.
A system of transitional relief was introduced to make sure that businesses don’t face significant changes in any single financial year but are phased in as far as possible. However, many businesses are facing increases in their bills, even after transition relief is applied.
As part of the budget announcement in March 2017, the Chancellor announced that £300m will be allocated to local authorities in England over the next 5 years (£180m in 2017/18) to enable them to provide discretionary relief to businesses facing substantial increases in their bills.
We have explored a number of options for distributing the allocated discretionary relief funds to local businesses and are proposing to adopt one of two schemes, which we believe will make the most effective use of the available funds and help the businesses that have been the hardest hit by the revaluation.
Prior to adopting a scheme, we would like to give businesses the opportunity to provide feedback and therefore will be holding two consultation sessions:
• Thursday, 3rd August – Chiswick Business Lunch – Clayton Hotel, 626 Chiswick High Road, London W4 5RY
• Wednesday, 9th August – Hounslow Business Lunch– Indian Gymkhana Club, Thornbury Avenue, Osterley TW7 4NQ
We look forward to hearing your opinions at one of the above sessions, if you are not able to attend the consultation sessions you can still provide feedback on the proposed schemes by sending an email to the following email address:
Feedback sent to the above email address along with feedback collected from the consultation sessions will be taken into account when deciding on which scheme to adopt.