Winchester business rates
Winchester City Council has welcomed the Chancellor’s announcement at the Spring Budget to set aside over £900,000 in the next four years for businesses across the Winchester district that face a significant rise in their business rates bill.
This funding is ‘front-loaded’, with over £500,000 available for the coming financial year. This is as a result of the 2017 revaluation exercise by the Valuation Office that takes effect from 1 April 2017.
Cllr Stephen Godfrey, the City Council’s Portfolio Holder for Finance, said:
Our initial analysis suggests that a third of Winchester businesses will see a reduction in their business rates bills and another third will see a rise.
“We will be working on a new discretionary relief scheme to make sure this money is targeted towards those businesses that are facing large rises and occupy lower value properties.
The Government consultation closes on 7 April 2017 and the Council aims to launch its rate relief scheme as soon as possible after the Government has confirmed the allocation.
Cllr Godfrey added:
This will enable the Council to further support businesses in the district that provide such a valuable contribution to the local and national economy and help make the district such an excellent place to work and live