Date: 02/04/2009
High Peak businesses will be able to defer payment of 60% of the increase in their 2009/10 business rate bills.
New Government regulations, which are expected to be in place by the end of July, will offer businesses the option of deferring 60% of this year's increase until 2010/11 and 2011/12.
Businesses must keep paying their legally established liability as set out on their current bills.
Once the regulations are in place, High Peak Borough Council will write to ratepayers, offering them the deferral option.
The Council will add the deferred amounts to the 2010/11 and 2011/12 bills.
The Retail Price Index is widely forecast to be negative later this year, which would have a downward pressure on 2010/11 bills. The scheme will provide a smoother profile of business rates payments over the next three years.
Emily Thrane, Executive Councillor for Corporate Services, said: "The deferral scheme offers businesses the chance to pay a lower increase in 2009/10, and make up the payments in the following two years. It may help our local businesses who might be struggling in the current economic climate."
The Government will fund any new costs incurred by the Council.
For further information please visit www.communities.gov.uk/documents/localgovernment/pdf/1190988.pdf