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Support On its Way for Over 1200 South Hams’ Retail, Hospitality and Leisure Businesses
Issued: 16 February 2023
South Hams District Council has been announced at their Full Council meeting today [Thursday 16 February] a new business rates relief scheme for retail, hospitality and leisure properties, which will support over 1200 businesses in the district.
The District Council administers the scheme funded by the government, which was announced in the Autumn Statement late last year. They use their own discretionary powers to adopt a local scheme, which will reap the most benefit for their businesses.
The Retail, Hospitality and Leisure Scheme will provide eligible, occupied retail, hospitality and leisure properties with 75% relief up to a cash cap limit of £110,000 per business for 2023/24.
There is also a Supporting Small Business scheme valid until 2025/2026. This will cap bill increases at £600 per year for businesses losing eligibility for some or all Small Business Rate Relief or Rural Rate Relief at the 2023 revaluation.
Cllr Hilary Bastone, Deputy Leader of South Hams District Council, said: “This new business rates relief scheme for retail, hospitality and leisure properties will help support South Hams’ businesses. It will help to make our high streets and town centres a success by helping them to adapt to changing consumer demands.
“Although this rate relief is fully funded by Government, it is being delivered through discretionary powers and therefore it is for ourselves as an individual local billing authority to adopt our own local scheme and determine each individual case in accordance with the guidance. Some types of business properties will benefit from 75% relief, which applies to the 2023/24 financial year only. The government has set a cash cap limit of £110,000 per business, Under the cash cap; no ratepayer can exceed the cash cap across all their properties in England.
“As a new Rating List comes into effect from 1 April 2023, some rateable values have increased meaning that some small businesses will lose their existing entitlement to small business rate relief. The Government has also introduced a supporting small business relief scheme which will cap bills at £600 per year for business losing eligibility for some or all Small Business Rate Relief or Rural Rate Relief at the 2023 revaluation. The District Council will automatically award relief to eligible properties.
“I’m really pleased that we are able to help so many businesses with this well-thought out scheme and by making the decision now we can make sure the relief is applied to the 2023/24 business rates bills. As always we get the money out of the door quickly so that we can reduce the rates our businesses have to pay as soon as possible. We know how hard it is for them at the moment and we will continue to do whatever we can to support them and all of our residents during this difficult time.”
To read the report and to watch the meeting in full, please go to: www.southhams.gov.uk/Full-Council