Richmond Council agrees £1,000 cut to business rates

This Is Local London: Helping businesses: Geoffrey Samuel Helping businesses: Geoffrey Samuel

Shops, pubs, cafes and restaurants will see their business rates bills cut by £1,000.

Government business rates relief will be granted to retail premises with a rateable value of up to £50,000 for two years, after Richmond Council agreed to the scheme at a cabinet meeting on Thursday, February 13.

The council said about 2,000 businesses in the borough stood to benefit and it was hoped it will attract small businesses to the borough’s high streets.

A discount of 50 per cent on business rates for 18 months was also made available for new businesses that open in previously empty shops.

Sandra Birss, director of Whitton Pet Centre, said: “Any help is welcome as it is very tough to open or maintain small businesses during a recession.”

Cabinet member for finance Councillor Geoffrey Samuel said the council would do everything it could to support local businesses.

He said: “Businesses are the lifeblood of Richmond. If they fail, the economic fortunes of the entire borough will be jeopardised, and this council cannot, and will not, ever let this happen.”

Comments (1)

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4:43pm Sat 22 Feb 14

metis says...

Rather disingenuous I think.
This was announced in the Chancellors Autumn statement in response to complaints of the excessive tax burden placed on retail business. Meanwhile the much needed re-evaluation of rates due in in 2015 has been postponed for 2 years.
1. Rates in 2007 were based on 39% of rental value. Today they are based on 80% of rental value.
2. Rents in central London have increased substantially whilst they have dropped by as much as 44% in other areas.
The result is that the overall tax take is maintained but the weak (provincial) are subsidizing the strong (central London businesses).

Additionally, I believe, that like all artificial thresholds, this does not present a level playing field but merely serves to distort the market.
Rather disingenuous I think. This was announced in the Chancellors Autumn statement in response to complaints of the excessive tax burden placed on retail business. Meanwhile the much needed re-evaluation of rates due in in 2015 has been postponed for 2 years. 1. Rates in 2007 were based on 39% of rental value. Today they are based on 80% of rental value. 2. Rents in central London have increased substantially whilst they have dropped by as much as 44% in other areas. The result is that the overall tax take is maintained but the weak (provincial) are subsidizing the strong (central London businesses). Additionally, I believe, that like all artificial thresholds, this does not present a level playing field but merely serves to distort the market. metis

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