£1.8 million Business Rate relief for Forest of Dean businesses
Forest of Dean businesses operating in the retail, leisure and hospitality sectors will benefit from £1,884,203.54 in Business Rate relief for the 2023/24 financial year. The relief will benefit 335 businesses in Forest of Dean.
Cabinet Member for Finance, Richard Leppington said, “Local businesses have really been through the mill the last few years. A tough couple of years through the pandemic, then immediately followed by the cost of living crisis. Running a business comes with significant financial pressure, not only from rising utility costs and inflation but also from tougher trading conditions as people have less money to spend and change the way they shop.
“The Business Rate relief scheme provides some assistance with the economic pressures they are facing. Our local pubs and high streets are essential in rural communities like ours and this relief will go some way toward helping them safeguard the services they deliver in towns and villages across the district.”
Business Rate relief, which is provided by the government and administered by Forest of Dean District Council, recognises ongoing difficulties businesses are facing as well as longer-term challenges that continue to face the retail, leisure and hospitality sectors.
High streets are still recovering from the impacts of the pandemic, whilst also going through a period of transition and evolving in response to changing consumer preferences. Some of these trends, such as the shift to online sales, have been accelerated by the pandemic.
Eligible businesses will receive 75% business rate relief up to a cap of £110,000 per business. The relief will be applied from 1 April 2023 and will be applied to businesses' 2023/2024 liability, and those eligible businesses will see the reduction included in their annual business rate demand notice.