High street shops, pubs and small firms to gain from Camden council business rates lobbying
Small businesses and local pubs across Camden are among those set for help after Camden Council succeeded in lobbying for £10m relief from big Government tax increases this year.
Camden Council’s Cabinet agreed, on Wednesday 6 September, to introduce a range of measures to mitigate the impact of the Government’s April 2017 revaluation of business rates after drawing up new plans with the business community.
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:
- 7,100 businesses will receive one of six fixed amounts depending on the increase in their bill, an average saving of £800.
- 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.
“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 £800.
“The respondents to our consultation agreed that our relief scheme will offset the worst effects of the recent national business rates revaluation. While this will give much needed support to Camden’s businesses, we will continue to challenge Government to reform the outdated business rates system to help our high streets.”
David Whittleton, Chair of Camden Business Board said:
“The recent national revaluation has had a significant impact in Camden, with the business community seeing an average rate increase of 30%. Camden Business Board has welcomed and supported the approach from Camden Council to shape a simple but effective transitional relief scheme to offset the immediate impact of the revaluation.”
The schemes, funded by Government, required a revision to the council’s existing policy for awarding discretionary reductions in business rates. Some previous reductions funded by Government have also now expired and these have been removed from the policy. Cabinet also agreed that decisions to grant future reductions in business rates, funded by the Government, is delegated to the Corporate Services Executive Director.
You can find more information in the relevant cabinet report.