Businesses to benefit from new retail discount scheme

It’s good news for Broxbourne businesses, as some 204 local companies are set to benefit from a new retail discount scheme.

It was announced at a Cabinet Meeting on Tuesday 22 January 2019 that occupied retail properties with a rateable value of less than £51,000 that are wholly or mainly being used as shops, restaurants, cafes and drinking establishments will receive a reduction in their business rates bills for the years 2019/20 and 2020/21, thanks to a new discretionary relief scheme.

The Council will administer the scheme, granting relief to qualifying businesses. The value of relief will be one third of the bill and will be applied after any other forms of relief have been deducted. Qualifying businesses do not need to apply for the relief – it will be applied to their bills automatically. 

Cabinet Member for Finance, Councillor Ayling, said: “This is great news for lots of businesses in the Borough who will save a third off their business rates bill. The scheme, which I fully support, will help to boost our already thriving town centres and local economy.”

The cost to the Council of granting the relief will be reimbursed by central government.