1,000 local businesses set to benefit from business rate rebate

Around 1,000 businesses in the South Kesteven district are set to benefit from discretionary rate rebates with a total value of £568,000.

The funding, which was announced in the Spring Budget, provides relief to predominantly small and medium-sized businesses that saw the sharpest increases following the 2017 revaluation of rates across the country.

To be eligible, companies must have seen their rates increase by a minimum of 3% and be operating from premises valued at £100,000 or less.

The relief will be provided in the form of a rates reduction over the next four years, nearly 90% of which is provided in the first two years, 2017/18 and 2018/19 (58% and 28% respectively).

Cllr Nick Robins, SKDC Cabinet Member for Retail and Visitor Economy, said: "I'm sure that many local businesses will welcome the recognition by central government of the impact that the 2017 rate revaluation had on them.

"The district council has acted quickly to secure this rebate for local businesses and carefully considered the distribution criteria to ensure it is done as fairly as possible.

"For those companies that meet the criteria, the good news is that they do not have to apply for the rebate - it will be automatically applied over the next four years."