A DISCRETIONARY fund for businesses hit by the business rates revaluation shake-up has been welcomed.
A £300m discretionary fund was announced in the spring budget and a consultation on how this fund should be divided up has been held.
The Department for Communities and Local Government has now confirmed that final allocations to local authorities will be made according to the draft allocations, meaning Portsmouth City Council has access to £895,000.
Mark Rigby, chief executive of CVS Business Rent & Rates Specialists, said: ‘I would now urge Portsmouth City Council to expedite the distribution of this relief to those firms hardest hit.
‘Business rates bills have already been sent out and the first tax instalment has been collected, so it’s vital that available relief is granted to those who need it as urgently as possible.’