Businesses in West Lancashire will get help with their business rates thanks to new measures agreed by the Borough Council.
The schemes are primarily targeted to help those firms facing the steepest increases in their business rates as a result of the 2017 revaluation of business premises undertaken by the Valuation Office Agency. All three schemes have received government funding, and businesses could be eligible for more than one scheme.
Around 60 pubs in West Lancashire will be eligible to receive a discount of up to £1,000 on their bill under one particular new relief scheme. The discount is for the current financial year and applies to pubs that have a rateable value of less than £100,000. All premises that qualify have been contacted by the Borough Council to confirm relevant details. Once those have been confirmed the businesses will be provided with a discount.
A separate programme called the ‘Supporting Small Businesses Relief Scheme’ will help companies that have lost small business or rural rate relief due to the revaluation by limiting the increases in their bills to £50 per month for up to five years. The Council has contacted the 13 businesses that qualify for assistance under this scheme and provided them with this discount.
A third scheme, called the Local Discretionary Business Rate Relief Scheme was approved at the West Lancashire Borough Council meeting on 18 October 2017 subject to consultation with other relevant local authorities. It is expected that this scheme could provide a saving of £168,000 on business rate bills in total and would benefit around 60 West Lancashire businesses.
Small and medium sized businesses facing an increase of more than 12.5% in their business rates bill would be eligible for this scheme subject to meeting certain criteria, and the Council will write to all qualifying businesses once the scheme has been finalised.
Councillor Ian Moran, the Leader of West Lancashire Borough Council and portfolio holder for Economic Regeneration, said: “The Council is very pleased to be able to provide these schemes which target financial support to businesses which are facing steep increases in their business rate bills.”