Local Rate Relief Pot Available For Most Affected – Do You Qualify?
Isle of Wight Council have unveiled a funding pot to support Isle of Wight businesses – and you could qualify for support.
The council has taken a delegated decision on the way the money will distributed – supporting businesses most affected and facing the steepest increase in their business rates bills.
An application could be on it’s way to you as the Isle of Wight Council decide those that are most in need according to the discretionary rate relief policy criteria.
Nearly a £1 million has been made available from a central government discretionary fund of £300 million.
The Isle of Wight Council will distribute £846 000 over the next four years:
- 2017-2018 – £504 000
- 2018-2019 – £245 000
- 2019-2020 – £101 000
- 2020-2021 – £14 000
Cabinet member for resources, Councillor Stuart Hutchinson:
“This additional funding will assist small businesses on the Island by helping to cover changes in their business rates bill.
“It will also support the economy and ensure that the resources made available are used in an effective way and therefore be in line with the council’s Corporate Plan.”