Good for Business. Good for Loughborough
Business Rates Success!
BUSINESS RATES SUCCESS!
Love Loughborough BID Chair, David Pagett-Wright has welcomed the announcement in the Budget that small business rate relief is to be extended and made permanent!
David said: "This really is great news for our member businesses. We estimate that more than 300 of our BID levy payers with an RV up to £12,000 will now benefit from 100% relief while a further 50 will benefit from the tapered relief up to £15,000 RV.
"This will be a huge help to town centre businesses. As one of the larger Towns, and as Government pilot under the Portas programme with a Minister in the Treasury at the time, our voice was at least heard."
The decision follows long-term lobbying by Love Loughborough BID who secured the support of Nicky Morgan MP in getting a very helpful response on the issue from the Chancellor last year. Love Loughborough’s voice was heard in the right quarters - as a Portas Pilot town we ensured business rates were on the top of the agenda during conversations with Mary Portas and the Government.
From 1st April 2017 the Government will:
- permanently double Small Business Rate Relief from 50% to 100% and increase the thresholds to benefit a greater number of businesses. Businesses with a property with a rateable value of £12,000 and below will receive 100% relief. Businesses with a property with a rateable value between £12,000 and £15,000 will receive tapered relief. 600,000 small businesses, occupiers of a third of all properties, will pay no business rates at all – a saving worth up to £5,900 in 2017-18. An additional 50,000 will benefit from tapered relief
- increase the threshold for the standard business rates multiplier to a rateable value of £51,000, taking 250,000 smaller properties out of the higher rate. This will reduce business rates for many small businesses – including some high street shops
Nicky Morgan said: "I was very pleased to be able to represent Love Loughborough’s concerns about the need for more help on business rates to the Chancellor. The announcement in the March 2016 Budget will make a real and very positive difference to business rates bills for our local businesses and just shows how important it is that Loughborough’s businesses have a really active voice to represent them on a range of issues."
You can see our letter to Nicky Morgan, along with her response and that of the Chancellor, below.