Nearly 900 Cornish businesses could get discounts on rising business rates.
In the March 2017 Budget, the Government announced a £300 million fund over four years to provide discounts to support companies facing the steepest business rates increases as a result of the revaluation of all business rate assessments.
Cornwall will receive £2.7 million from that fund to help small local businesses facing the biggest rate increases.
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All businesses with a rateable value of £200,000 from the Valuation Office Agency’s (VOA) after it did the re-evaluations are eligible for some cash back.
In his report to Cornwall Council’s Cabinet, Mark Read, service director for customer access and digital, said the cash was part of a transitional scheme to give additional support to businesses while they adapt to changes resulting from revaluation.
This means that the grant will reduce over the four years from £1.587 million in 2017/18 to £45,000 in 2020/21.
DuBarry in Truro’s River Street closed this year with its owner partly blaming high business rates for the closure.
It comes as several shops have closed in recent weeks with many of them blaming high business rates for their demise.
Read more: Six shops in Truro city centre have closed within a month
Councillor Mike Eathorne-Gibbons, Cabinet member for customers, said: “business organisations such as the Cornwall Chamber of Commerce, LEP or the Federation of Small Businesses were all behind the relief scheme.
Councillor James Mustoe, Conservative councillor for Mevagissey, said: “The Government has given us this money to give out to businesses. There will be no cost to us or the tax payers.”
The discretionary business rate relief fund covers any type of businesses which means charities and social enterprises which fall within the criteria will be eligible for money.
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Members of the Cabinet voted unanimously on Wednesday (July 26) to approve the scheme.
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Source: Cornwall Live