Croydon Business Rates Relief Scheme

Karen Fiagbe, Economic Delivery ManagerEconomic Development Team July 2013

BRRS Initial Offer:• For the next two years Croydon Council are offering major business rate

discounts to small and medium-sized enterprises (up to 250 employees) moving into premises in the Croydon New Town Centre.

– Up to 65% discount off business rates in year 1 and reduction of 35% in year 2 up to March 2015, for properties that are £25.5k rateable value p.a. or above

– Grant subsidy from Mayor’s Regeneration Fund

The sooner they join, the more they can save!

• To attract growing businesses (Inward Investment and business retention) that require affordable office suites and retail outlets .

Our ambition

To work with property agents, property owners and investors to attract businesses into Central Croydon over the next 2 years to reduce vacant office space by 9%.

Thereby creating and safeguarding jobs.

New BRRS Offer

Old:CNT area only

£25,500 p.a. rateable value and above

New:

Location widened:•OAPF area•South End High Street (Selsdon Rd) •London Road (Campbell Rd)

Lower rateable value:•£12,500 p.a. rateable value and above

Map

Case study

Financial software specialist Inalytics was one of the first companies to get on board with the scheme.

 

 

 

Chief operating officer Pete Doyle said “Croydon is an interesting, up and coming area and the reduction in business rates has assisted with our company’s expansion programme. We have taken on seven extra employees.”

Croydon’s excellent transport links have made the town a good location for Inalytics which now does about 25% of its business with overseas companies, as it’s just a short rail journey either into London or out to Gatwick airport.

Key Contact

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