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Extra £2million rates relief for 850 businesses

Businessman

Businesses will benefit from a further discount

Almost 850 businesses have received up to an extra £2,519 business rates rebate as part of the Mayor's Covid Additional Relief Fund and a commitment to support businesses still dealing with the on-going impact of the Covid-19 pandemic.

Previously businesses identified as eligible for the scheme were awarded a 100% business rate discount capped at £15,000 per property. This has now been extended to be capped at £17,519 to use the remaining budget of the fund.

These latest top-up payments for 846 business properties totals £1.981m. This takes the scheme’s overall relief payments to £26.443m, providing much needed targeted support for 3,997 businesses.

Lutfur Rahman, Mayor of Tower Hamlets said:

It’s important to recognise that even before the latest cost-of-living and energy crisis many of our businesses were still struggling with the massive impact left by the pandemic. I’m therefore delighted to be able to provide close to an extra £2m in top-up rates relief to almost 850 businesses through my Covid Additional Relief Fund.

“This will be a lifeline to many businesses who did not qualify for previous support schemes. I am committed to ensure that we stand alongside our fantastic business sector and continue to do all we can to support them through the tough times ahead.”

The Covid Additional Relief Fund was established to give relief to business ratepayers who didn’t qualify for previous relief schemes such as those covering retail, hospitality, leisure and nurseries.

The funding for the scheme came from central government. However, the Council was able to create a specific relief scheme to best meet the needs of local businesses in the borough, with a targeted focus on those ratepayers adversely affected by the pandemic.

The rebates have been automatically added to eligible ratepayers’ bills and where necessary, updated bills have been issued to include the latest relief credits.

The completion of these final top-up rebates brings the scheme to a close with the council having successfully awarded 99.92% of the total funds available.

 

Posted on Wednesday 19th October 2022