|Small businesses to benefit from tax relief
Nurseries, restaurants, pubs and shops are among some of the businesses set to benefit from Wigan Council’s new business rates relief scheme.
Wigan’s Discretionary Revaluation Relief scheme, which has been designed to support businesses worst affected by the government’s revaluation of business rates, will favour the borough’s smaller, local businesses. Three proposals will be discussed at next week’s cabinet meeting before one scheme is chosen and implemented.
In total the government has made £435m available to local authorities to pay for three relief funds, including a Small Business Relief scheme, Pub Relief and the Discretionary Revaluation Relief scheme.
The Discretionary Revaluation Relief scheme has been allocated £300m, of which Wigan Council has been awarded a £897k share over four years (2017-21). Local authorities have been tasked with designing their own schemes according to the needs of their local businesses.
Wigan’s scheme aims to support the borough’s most vulnerable businesses. To be eligible for the fund businesses must meet a set of criteria, which excludes national, chain companies and those whose practice contradict the council’s objectives, for example betting shops, same day loan companies, pawn brokers.
The borough has a total of 9,385 rateable properties. 4,012 (45%) of those have seen an increase and 5,373 (55%) have either seen a decrease or no change in their rates.
Councillors will review three options which could see between 280 - 900 businesses given funding of between £600 - £1,800.
Councillor David Molyneux, deputy leader and cabinet member for economic development and regeneration at Wigan Council, said:
“Nearly half of the borough’s businesses will be affected by the government’s revaluation of properties which is why we’ve developed schemes that support as many of those as possible. Supporting local businesses is one of the core aims of the council’s growth strategy which is why we will continue to work hard to ensure our businesses get a good deal.”