Business rates boost to support small businesses
Published: Friday, 13 March, 2020
Businesses in the Stroud district are set for financial support to help mitigate the potential impact of Coronavirus.
Because business rates bills were sent out before the Chancellor of the Exchequer unveiled a range of discounts, Stroud District Council will send out revised, lower bills soon.
Wednesday’s Budget saw Chancellor Rishi Sunak announce one-year discounts for retailers, hospitality and leisure businesses including pubs.
Retail businesses with a rateable value of under £51,000 will get an increase in business rates discount from 50 per cent to 100 per cent – and this will include hospitality and leisure businesses in 2021. Pubs with a rateable value of under £100,000 will get a £5,000 discount, up from £1,000.
The changes are set to be introduced on April 1 but have to be ratified by Parliament.
Stroud District Council Revenue and Benefits Manager Simon Killen said: “The bills were sent out before the Chancellor’s announcement, so we will re-bill the businesses who will benefit. It’s a case of unfortunate timing but we want to make sure all businesses get the correct bill.”
Separately, businesses eligible for Small Business Rate Relief (SBRR) will receive a one-off £3,000 cash grant. The council is awaiting confirmation of how this scheme will be administered.
Council Leader Doina Cornell said: “Supporting local businesses to help create a sustainable and vibrant economy that works for all is one of the council’s five key visions and I am glad to see that this measure will help many of our smaller retailers who bring so much to our high streets.”