London,
08
January
2019
|
12:11
Europe/London

Businesses to continue to benefit from rates relief and revaluation support

Small businesses across Camden are among those who will again receive assistance from Camden Council, through the continuation of its business rates revaluation support and implementation of business rates relief for retailers.

Councillor Richard Olszewski, Cabinet Member for Finance & Transformation
“I am pleased to announce that our revaluation support scheme for businesses will continue into its third year.

“Following lobbying of the Government by the Council and local business leaders, funding had been provided for four years to help those worst affected by the national revaluation in 2017.”

In 2019 to 2020 the Council will be distributing £1.13m to businesses operating in premises with a rateable value of less than £200,000 if their rates bill has gone up by £300 or more from the previous year. Allocated on a sliding scale, it is estimated that more than 5,000 local businesses will benefit.
Councillor Richard Olszewski, Cabinet Member for Finance & Transformation

In 2019 to 2020 the Council will be distributing £1.13m to businesses operating in premises with a rateable value of less than £200,000 if their rates bill has gone up by £300 or more from the previous year. Allocated on a sliding scale, it is estimated that more than 5,000 local businesses will benefit.

Councillor Richard Olszewski, Cabinet Member for Finance & Transformation
Supporting business and economic growth is a key priority for our Camden Plan. High Street businesses are increasingly being affected by rising rate levels and we will be assisting to reduce the burden of this by passing on Camden’s share of Government funding.

“This retail rate relief will mean that retail properties with a rateable value of less than £51,000 will benefit from one third off their business rates bill for 2019 to 2020 and 2020 to 2021.

“While both schemes will give much needed support to Camden’s businesses, we will continue to challenge Government to reform the outdated business rates system to help our high streets.”
Councillor Richard Olszewski, Cabinet Member for Finance & Transformation

The council have again worked with Camden's businesses to shape a relief that is simple, awards relief quickly and reduces the bureaucratic burden. The average relief for revaluation support will be £287 for 5,100 businesses and the average retail relief will be £4,000 for 2,000 businesses. Many businesses will receive both. Businesses do not need to apply for the relief as it will be automatically awarded and reflected in their bills in February and March.

Revaluation support

The 2017 revaluation of business rates by the Government had led to significant increases in Average Rateable Values, of on average around 30% in Camden, which, even after other discounts and transitional relief had been applied, led to increases in bills for more than 11,000 premises, which includes office-based businesses, shops and local pubs.

Under the scheme:

  • 5,100 businesses will receive one of six fixed amounts depending on the increase in their bill, an average saving of £287
  • Many businesses in big commercial districts of the borough such as Holborn, Bloomsbury and Camden Town will qualify for the relief, helping to support the borough’s vibrant and varied areas of commerce.
  • Small business which missed small business relief because of the revaluation will continue to have the increase in their bill limited to £600.

Retail relief

The Government announced a new relief scheme in the Autumn 2018 budget for retail properties that have a rateable value of less than £51,000. Under the scheme, eligible ratepayers will receive a one-third discount of their daily chargeable amount. The definition of retail properties will follow that adopted from the previous retail relief scheme in 2014/15 and 2015/16.