The council share this news for small business owners. Ed
Up to £846,000 is available to support Island businesses that face the steepest increases in their business rates bills.
The funding is available via the Isle of Wight Council until 2021 and is from a central government discretionary fund.
The council has now taken a ‘delegated decision’ on the method to distribute discretionary relief to those businesses most affected and that qualify.
Helping cover changes in business rates bill
Cllr Stuart Hutchinson, Cabinet member for resources, said,
“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.”
Businesses will need to apply for the relief and applications will be sent in due course to those that are most in need according to the discretionary rate relief policy criteria.
Isle of Wight allocation of funding
Amount of discretionary fund awarded (£000s) – Isle of Wight Council
| 2017-18 | 2018-19 | 2019-20 | 2020-21 |
|---|---|---|---|
| 504 | 245 | 101 | 14 |
Every authority within England is to be provided with a share of a £300 million fund to support their local businesses. This is to be administered through billing authorities’ discretionary relief powers under section 47 of the Local Government Act 1988
