AN ESTIMATED 550 shops, pubs and restaurants in the Stroud Valleys and Vale could see their tax bills cut by a third because of cuts being made for small businesses this week.
According to Stroud MP Neil Carmichael, the cuts will support the high streets across the Stroud constituency, boosting jobs and growth.
Measures taking effect include £1,000 off business rate bills for all retail premises with a rateable value up to £50,000 for 2014/15 and 2015/16.
In addition there is now a two per cent cap on everyone’s business rate increases and a new reoccupation relief, which will halve the rates bills of businesses taking over premises empty for over a year.
Small Business Rate Relief will continue to be double its normal level until April 2015 and expanded, with 360,000 businesses properties paying no rates at all.
Businesses will also be able to pay their bills over 12 months, rather than 10, to help them with their cash flow.
Mr Carmichael said the help for the high street was excellent news for hardworking people and small businesses in the Valleys and Vale.
“Our high street shops are an important part of local life. That’s why the Conservatives are backing them all the way as part of our long-term economic plan to secure a better future for Britain,” he said.
“Cuts to business taxes will help businesses grown and create jobs, strengthening our local community and giving more hardworking people the security of a regular pay packet."