Rate relief scheme to help Stratford businesses

Businesses hit hard by rate increases are set to benefit from a new relief scheme approved by councillors this week.

Back in the spring the government’s review of rateable values triggered protests from some Stratford businesses who discovered that they would be left paying more.

Changes in rateable values, the figure on which business rates are based, hit local pubs particularly badly with virtually every one in Stratford having to pay more.

At the time landlords described the change as an attack on their industry at a time when many licenced premises were struggling to cope.

Overall the majority of local businesses actually saw their rates fall but the government did agree to offer help to some of those (27 per cent of businesses) forced to pay more.

During this week’s Cabinet meeting at Stratford District Council, councillors agreed its policy for granting rate relief to affected businesses, allowing central government funding to be allocated.

Under the framework for providing rate relief, pubs that have a rateable value of below £100,000 will receive a £1,000 discount on their bill.

Small businesses, who had faced an increase as a result of losing small business or rural rate relief are also set to benefit with a limit to any potential increase being set at £600 per year.

The government has also established a £300million discretionary fund over four years to support those businesses facing the steepest increases in the business rates.

Stratford District Council will receive £382,000 to help such businesses.

When awarding such funding the council will consider a number of factors including giving priority to helping local organisations.

Speaking at the meeting council leader Cllr Chris Saint said: “We have got a pot of money that the government has provided for us to help businesses who have found themselves facing the burden of increases. We have now agreed a relief scheme and a framework for carving up this money.”

Cllr Dave Riches, enterprise and revenues Portfolio, added: “This is good news for our businesses, ensuring the allocation of this vital funding given to us is used to minimise the impact on our vital small and medium enterprises in the district. In addition, there are no financial implications for the Council as the Discretionary Policy is allocating funding issued by the DCLG as a direct result of the Revaluation of Business Rates.”