High street shops, pubs and small firms to benefit from business rates relief for a second year
Small businesses and local pubs across Camden are among those again set for help after Camden Council succeeded in lobbying for £10m relief from big Government rate increases last year.
Camden has agreed to the continuation of the revaluation support scheme for a second year in order to mitigate the impact of the Government’s April 2017 revaluation of business rates.
Plans were drawn up with the business community last year, but despite the level of Government funding falling by more than half for the second year, the same levels of relief will be offered, based on the difference between this year’s rates and next year’s rates.
The 2017 revaluation of business rates by the Government had led to significant increases in rateable values (AVG), of on average around 30% in Camden, which, even after other discounts and transitional relief had been applied, led to increases in bills for over 11,000 premises, which includes office-based businesses, shops and local pubs.
Under the scheme:
- 7,000 businesses will receive one of six fixed amounts depending on the increase in their bill, an average saving of £427.
- 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.
- 97 Camden pubs, that have a rateable value of below £100,000, are also covered by the scheme and will receive a £1,000 discount on their bills, further supporting an integral part of the borough’s business and heritage.
- Small business which missed small business relief because of the revaluation will continue to have the increase in their bill limited to £600.
“We have worked with Camden's businesses to shape a relief that is simple, awards relief quickly and reduces the bureaucratic burden. The average relief next year is £427.
“By taking this decision quickly, the relief can be included on the annual bills to be sent out in March so that relief is received immediately and payments do not have to be adjusted part way through the year.
“We are using the same criteria as last year to provide clarity and certainty for businesses. While this will give much needed support to Camden’s businesses, we will continue to challenge Government to reform the outdated business rates system to help our high streets.”
Simon Pitkeathley, Chief Executive of Camden Town Unlimited and Euston Town, said:
“Business rates relief is a key issue for the membership of Camden Town Unlimited and Euston Town, which is why we have prioritised lobbying around the issue in recent years.
“We were delighted that Camden Council agreed to create a relief scheme in 2017 and are now extending this into a second year. The London Borough of Camden has the second-highest level of business creation in the capital, and support such as this scheme, gives businesses the best chance of succeeding and helps ensure that the borough’s high streets can maintain their unique identity.*”
You can find out more on our website.
*Source: London Datastore