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New business relief schemes could help spur growth
10:00am Tuesday 4th March 2014 in News
Bradford Council’s executive is to decide whether to give the go ahead to two schemes aimed at stimulating business and the economy by providing Business Rate relief.
The Government allows local authorities to use discretionary powers to promote business using rate relief.
There are two new temporary schemes on the table, one called Retail Rate Relief and the other called the New Build Empty Property Relief.
The Retail Rate Relief scheme provides relief up to £1,000 for certain occupied retail properties. In addition it provides for 50 per cent relief for businesses which move into empty retail properties that have been vacant for more than 12 months. This scheme will apply from this April to March 2016.
The types of businesses eligible include the sale of goods, food and drink, and services providers.
According to Government guidance, financial service businesses – which include betting shops and pay day lenders – will not qualify for the relief.
A report to the executive says that the New Build Empty Property Relief scheme is intended to provide an incentive for regeneration.
It reduces the risk of people who invest in new build commercial properties having to pay rates on empty property.
The scheme allows for up to 18 months exemption from date of completion.
Council Leader David Green said: "Both schemes will contribute towards improving support for businesses in the district while increasing activity and employment in the construction industry, and contribute to economic redevelopment.
"We want to do everything we can to stimulate growth in the economy and generate employment.”
The executive will decide whether to adopt the schemes when it meets at City Hall next Tuesday.