Last Updated: 12 Mar 2020 2:10pm
Hundreds of small businesses across Tonbridge and Malling will be notified of a business rates holiday announced by Chancellor of the Exchequer Rishi Sunak in yesterday’s budget statement.
Tonbridge and Malling Borough Council recently issued rates bills for the coming year but will be writing to eligible businesses to inform them that charges for the year are now to be waived. The council estimates that approximately 300 firms in the borough will benefit from the measure.
Companies with a rateable value of less than £51,000 will be eligible for the tax holiday covering shops, cinemas, restaurants and hotels. It is part of a package of "extraordinary" measures to support the UK economy in the face of disruption from the coronavirus outbreak with each business saving up to £25,000, Mr Sunak said. The Chancellor also pledged a £3,000 cash grant per business for any firm that is currently eligible for the small business rates relief.
Commenting on the business rates announcement, Nicolas Heslop, Leader of Tonbridge and Malling Council, said: “The independent leisure and hospitality sector is critical to the health of our local economy so I welcome this initiative to help them through this difficult period. In the coming days we will be writing to all those eligible for the rates holiday to notify them that the bills already issued for this year will not apply.”