Rate relief for about 500 businesses
About 500 businesses in the Wycombe district are set to receive a significant reduction in their business rates bill for 2017/18.
The discretionary business rate scheme was announced by the Chancellor of the Exchequer in the Spring Budget and gives councils the discretion to award extra rate relief for businesses facing large increases as a result of their revaluation.
In the Wycombe district, an estimated 500 businesses will qualify for the rate relief after Cabinet approval 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 council’s website in due course.
The rateable value of a business is set by the Valuation Office Agency.