The Chancellor has announced additional funding for those affected by flooding last weekend in Cumbria and Lancashire.
The Department of Communities and Local Government announced that businesses affected by flooding would be given business rate and council tax relief. Government officials are currently deliberating on the form that this relief will take.
When thousands of businesses were affected by storms and flooding in February 2014, the Government announced that those who had suffered would be eligible for 100% rate relief for three months. Affected businesses were also able to defer payment of VAT, PAYE and Corporation Tax for three months to give them time to recover.
ACS chief executive James Lowman said: “We welcome the Government’s response to the flooding to help the businesses that have affected, but need clarity as soon as possible on what tax reliefs businesses will be able to claim.”
As part of the package of reliefs, BIS has also committed £5 million for businesses, with funding equivalent to £2,500 per business provided to local authorities. It’s estimated that 2,000 firms may have been impacted by the floods.
