Businesses cheer tax relief scheme

BUSINESS groups yesterday welcomed the government’s plans to support retailers affected by the UK riots, after a programme of tax relief and cash grants was announced by Prime Minister David Cameron yesterday.

As part of the rescue package, riot-hit businesses will be given relief from business rates and allowed to delay tax payments.

They will also be allowed an extension to file accounts with Companies House, and seriously damaged properties will be exempted from council tax and business rates completely.

A £20m high street support fund will also be set up to subsidise rates while retailers recover, and to help with rebuilding and repair costs to allow businesses to start trading again as soon as possible.

The British Retail Consortium, which had earlier called for leniency to be shown to business while they assess the damage, welcomed the measures but said that a more long-term plan of action was needed to ensure none of the victims of the riots were forced into insolvency.