From today, independent businesses in town centres across the Cherwell District will benefit from reduced business rates.
In the 2018 national Budget, the Conservative Government announced a new rate-relief initiative open to an extensive range of retailers. The retail rate relief scheme, which will apply for the period from 1 April 2019 to 31 March 2021, has been approved by Conservative-controlled Cherwell District Council. As a result, occupied retail properties in District with a rateable value of less than £51,000 will be entitled to rate-relief worth one-third of their annual bill – a significant helping hand.
North Oxfordshire Conservatives said: “We are vocal champions of small businesses and our town centres. Despite the changing nature of retail, our local High Streets continue to thrive with a diverse mix of shops, services, and an ever-improving night-time offer. This new scheme will be a major boost to independent retailers and will hopefully help to secure their long-term future on our High Streets.”
