Good news for retailers
A proposed new business rates discount scheme to help small and medium sized retailers for the next two financial years is expected to go to Erewash Borough Council’s budget-setting meeting in March.
Councillors at a meeting of Council Executive next week (19 February) are set to agree to send the new scheme to Full Council with a recommendation that it be approved.
The move follows a Government announcement in its autumn budget that eligible retailers with a rateable value below £51,000 will receive a one-third discount on their business rates bills in 2019/20 and in the following financial year. Local authorities are following national guidance to draw up how their discount schemes will work.
If approved, eligible businesses in Erewash for 2019/20 will be identified and the discounts applied automatically to their bills – meaning businesses do not have to apply for the relief. The council will be fully reimbursed for the discounts applied.
Councillor Wayne Major, Erewash Borough Council’s Deputy Leader and Lead Member for Resources, says:
“This scheme is all about supporting our small and medium sized retail businesses and we are sure they will welcome the news that their business rates bills will be cut by a third for the next two financial years. It is also important that the scheme is as efficient as possible and that is why the discount is applied automatically rather than businesses having to fill in forms and make official applications.”
The meeting of Council Executive is at Long Eaton Town Hall on Tuesday 19 February at 10.30am. The budget-setting Full Council meeting is at Ilkeston Town Hall on Thursday 7 March at 7pm.