£5.9 million Business Rate relief for West Oxfordshire businesses
West Oxfordshire businesses operating in the retail, leisure and hospitality sectors will benefit from £5,990,601.91 in Business Rate relief for the 2023/24 financial year. The relief will benefit 756 businesses in West Oxfordshire.
Executive Member for Finance, Dan Levy said, “It’s been a tough few years for business. The pressures of the pandemic have been closely followed by the cost of living crisis. The retail, leisure and hospitality sectors aren’t just affected by a direct increase in operating costs, due to rising utility bills and inflation, but also the indirect results of customers having less money in their pockets.
“The Business Rate relief scheme provides some assistance with the economic pressures they are facing. Our pubs, cafes and restaurants are essential in our rural communities and market towns and this relief will go some way toward helping them safeguard the services they deliver in towns and villages across the district.”
Business Rate relief, which is provided by the government and administered by West Oxfordshire District Council, recognises ongoing difficulties businesses are facing as well as longer-term challenges that continue to face the retail, leisure and hospitality sectors.
High streets are still recovering from the impacts of the pandemic, whilst also going through a period of transition and evolving in response to changing consumer preferences. Some of these trends, such as the shift to online sales, have been accelerated by the pandemic.
Eligible businesses will receive 75% business rate relief up to a cap of £110,000 per business. The relief will be applied from 1 April 2023 and will be applied to businesses' 2023/2024 liability, and those eligible businesses will see the reduction included in their annual business rate demand notice.