Erewash Borough Council looks set to keep rates reduced for small and medium-sized businesses in the borough for the upcoming financial year.
Council Executive will meet on 6 April when it is recommended that it approves use of the council’s discretionary powers to award Transitional Relief and Small Business Rate Relief to qualifying businesses to reduce their National Non-Domestic Rate liability for the 2022/23 financial year.
The two schemes were introduced to protect small and medium-sized businesses from large increases in their National Non-Domestic Rates, which are based on the rateable value of the business premises. The rates are normally reset by the government every five years but this has been delayed until 1 April 2023. The government has therefore asked councils to use their discretionary powers to provide the relief.
Councillor Wayne Major, Erewash Borough Council’s Deputy Leader and Lead Member for Resources, says: “We aim to provide continued support to small and medium sized businesses in Erewash. Approving these schemes for another year will provide continued support to local businesses without any direct cost to the council or other local ratepayers.”
