A significant reduction in the business rates bill for 2017/18 is on the cards for about 500 businesses in the Wycombe district.
The Chancellor of the Exchequer announced the discretionary business rate scheme in the 2017 Spring Budget which gives councils the discretion to award extra rate relief for businesses facing large increases as a result of their revaluation.
An estimated 500 businesses in the Wycombe district are likely to qualify for the rate relief following approval by the Wycombe District Council Cabinet last night.
Cllr David Watson, Wycombe District Council’s Cabinet Member for Finance, said: ‘We’re really pleased that the details of this scheme have been finalised and we can now invite business ratepayers to apply for this extra support.
We hope the reduction in business rates does indeed bring local businesses, many of which are at the heart of our community, some welcome relief.‘
A summary of the eligibility criteria for the scheme will be made available on the Wycombe District Council website in due course.
The Valuation Office Agency are responsible for setting the rateable value of a business.