An estimated 750 local shops, pubs and restaurants in Lincoln could see their tax bills cut by a third because of tax cuts for small businesses taking effect this week.
Karl McCartney MP has welcomed the news that will support the High Street in Lincoln, boosting jobs and growth.
Measures taking effect include:
- £1,000 off business rate bills for all retail premises with a rateable value up to £50,000 for 2014/15 and 2015/16. This includes shops, cafes, pubs and restaurants.
- A 2 per cent cap on everyone’s business rate increases.
- A new reoccupation relief, which will halve the rates bills of businesses taking over premises empty for over a year.
- The doubling of Small Business Rate Relief is being extended to April 2015 and expanded – with 360,000 businesses’ properties paying no rates at all.
- Businesses will be able to pay their bills over 12 months, rather than 10, to help them with their cash flow.
Karl McCartney MP commented: “The help for the high street coming in this week is excellent news for hardworking people and small businesses in Lincoln.
“750 businesses in Lincoln are likely to benefit from a business rates discount of £1,000 – just one part of a whole string of tax cuts to support local shops, pubs and businesses taking effect today.
“Our high street shops are an important part of local life. That’s why the Conservatives are backing them all the way as part of our long-term economic plan to secure a better future for Britain. Cuts to business taxes will help businesses grown and create jobs, strengthening our local community and giving more hardworking people the security of a regular pay packet."
- ENDS -
For further information, please contact Karl McCartney MP at email@example.com / 020 7219 7221.