Home » Business

New tax break for Lincolnshire retailers

The government announced on Wednesday a two-year annual £1,000 tax break for local retailers and shops.

Retail premises will be eligible for a £1,000 discount in 2014 to 2015 and 2015 to 2016.

These businesses must also be occupied and have a rateable value, used to calculate bills, below £50,000.

Councils should now automatically include the discount in the business rate bills they are sending out shortly, so all eligible businesses receive their centrally funded tax break.

Businesses specifically excluded include payday lenders, betting shops and pawn brokers.

Across the country 300,000 local retailers and shops are eligible for the tax break, the government estimates.

This discount can be used on top of other measures announced by the government that will come into effect in April.

These measures include allowing businesses to pay their bills over 12 months, rather than 10, to help businesses with their monthly cash flow.

High Streets Minister Brandon Lewis said: “By giving retail shops in Lincolnshire a new £1,000 tax discount in their next business rate bill we will make a huge difference to many of the essential small shops and local traders we find in our town centres across the country.”

Lincoln MP Karl McCartney welcomed the move. He said: “This annual £1,000 tax discount for the years 2014-15 and 2015-16 will be warmly welcomed by local retailers and shops in my Lincoln constituency.

“In addition, a new Employment Allowance will mean 450,000 small businesses no longer have to pay employers national insurance contributions.

“Measures such as these that help small businesses, which are the lifeblood of our communities, are delivering a more secure future for Britain and a more financially secure future for the hardworking small businessmen and women of Lincoln.”