WIREDGOV

£1 billion support for high streets and local firms kicks in.

As part of the government’s long-term economic plan, the biggest package of business rate support in over 20 years to help high streets went live yesterday (1 April 2014), Communities Secretary Eric Pickles announced.

Many businesses already get 100% discount as a result of government policy. The tax changes that come into effect at the start of the new tax year mean nearly 300,000 eligible small shops in England will benefit further. In some cases this could give a typical small shop, pub or restaurant with a rateable value of £10,000 savings of 30% extra or more when compared to last year’s business rate bill. See the table below.

In addition to the new business rate discounts, specially targeted to support small shops, all businesses can now choose to spread their bill payments over 12 monthly installments rather than 10 after rules were changed to give businesses greater control over their cash flow.

Mr Pickles said that yesterday’s new measures would make a huge difference for struggling small shop owners and help businesses and high streets across the country build a stronger economy.

Estimates published for the first time yesterday reveal where the shops eligible for the new £1,000 retail discount are located. They show an estimated 5,000 premises in Birmingham; 2,400 in Bradford; 3,900 in Cornwall; 3,000 in Leeds; and 3,290 in Manchester are now set to benefit, as well as shops and pubs in small rural and suburban communities. A full table (estimated number of properties that will receive the £1,000 business rates retail relief by local authority) is set out below.

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