Issue details

To consider changes to the Council’s Business Rate Discretionary Relief Policy which will allow additional assistance to eligible businesses.  

The Chancellor has introduced several discretionary measures with the aim to assist businesses with the cost of Business Rates.

All these measures fall outside Fareham’s existing discretionary rate relief policy, this report seeks to vary that policy to incorporate the following changes:

Revaluation Relief

Agree the continuation of Revaluation Relief which supports businesses who have suffered the largest increases in their Business Rate Bills following the 2017 revaluation.  Fareham has a reduced maximum grant of £36,000 to distribute in 2019/2020 and £5,000 in 2020/21.

Newspaper Relief

Agree the continuation of the Business Rate discount for office space occupied by local newspapers, this relief of up to £1,500 has now been extended until 31 March 2020.

Retail Relief

Agree the new award of Retail Relief for Businesses which could reduce the Business Rates payable for eligible properties by up to one third.

The Government will fully reimburse local authorities for the local share of the discretionary relief granted.