Independent retailers and local shops could benefit from a two-year annual £1,000 tax discount, a government minister announced today.
High Street minister Brandon Lewis said 300,000 local retailers across the country could benefit from the discount, which was announced as part of the government’s long-term economic plan.
Retail premises, which are occupied, have a rateable value below £50,000, could be eligible for a £1,000 discount in 2014/15 and 2015/16.
High Street minister Brandon Lewis said the government was backing small businesses and town centres to help build a “stronger economy”.
He said: “By giving retail shops in the South West a new £1,000 tax discount in their next business rate bill we will make a huge difference to many of the essential small shops and local traders we find in our town centres across the country.
“This is just one part of our £1bn support package that also includes sensible changes to overzealous parking rules and planning rules that will keep high streets at the heart of communities for decades to come.”
Councils should now automatically include the discount in the business rate bills they are sending out shortly so all eligible businesses receive their centrally funded tax break. Businesses specifically excluded from the tax discount include payday lenders, betting shops and pawn brokers.
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