Retail businesses set to benefit from rate relief scheme
Northampton Borough Council is implementing the revised Government Business Rate Relief scheme that will benefit retail businesses in the town.
Retail premises with a rateable value of less than £51,000 in 2020/21 will be eligible for a 50 per cent business rate discount, after all other discounts are applied.
This is an increase in the discount provided previously and meaning a total of £2.4 million of rate relief is on offer for retail businesses such as shops, restaurants, cafes, drinking establishments, post offices, charity shops and music venues.
The Council will also be implementing the pubs discount - which will award up to £1,000 of additional relief to pubs - and continuing with the other schemes it already has in place to support businesses.
These include rate relief for non-profit organisations, sports clubs and organisations, and discretionary discounts for businesses most affected by the Government’s 2017 revaluation.
Councillor Brandon Eldred, Cabinet member for finance, said: “This new version of the scheme demonstrates our commitment to supporting small businesses in our area, and with the existing discounts as well, it will save the retail economy up to £9 million during the next financial year.
“Our Revenues and Benefits Team are already applying the discount to approximately 2,800 businesses that they are certain qualify.
“We will also be contacting other businesses to see if they are eligible for the discount, and welcome enquiries to ensure we help as many businesses as possible to reduce their costs.”