Budget 2017 and 2018 reliefs
Following the increased support announced in the Chancellor’s Spring Budget in 2017, and his Autumn Budget in 2018, we have implemented the alterations to Business Rates Relief.
Spring Budget 2017 Relief Scheme: Supporting Small Business
Ratepayers losing Small Business or Rural Rate Relief as a result of the 2017 revaluation will have their increases limited to the greater of either -
(a) a cash value of £600 per year, or
(b) the matching cap on increases for small properties
in the transitional relief scheme. This relief will run until the next revaluation in 2021 and ratepayers will receive the relief until this date or they reach what their bill would have been without the relief scheme, whichever is first.
Spring Budget 2017 Relief Scheme: West Yorkshire Discretionary Scheme
Using our share of the Government £300 million of funding to local authorities over four years to 31 March 2021, Wakefield, like the other four West Yorkshire Councils, is operating an additional transitional scheme. In 2017-2018, eligible occupying ratepayers received relief worth approximately 50 per cent of the increase in Rates payable compared with 2016-2017. For each subsequent year until the scheme ends, those ratepayers with receive half the relief they were awarded in the previously, year on year.
Autumn Budget 2018: Retail Discount
The Government announced a one-third discount for eligible retail businesses with a Rateable Value of less than £51,000, up to state aid limits. This scheme will run for two years from 1 April 2019. This discount will be applied to the bill after the application of any reliefs, excluding any local discounts.
The relief should already be shown on your bill, if applicable.