Derby City Council has announced it is to revise its policy on discretionary rate relief (DRR) for businesses relocating to the Infinity Park Enterprise Zone.
DRR allows the Council to use its discretionary powers to reduce the amount of Business Rates a business has to pay. Generally there is a direct cost to the Council when awarding Relief and so it has been controlled through the operation of a Policy for a number of years.
The government has now announced that it will fully fund DRR applied to businesses relocating to the Infinity Park Enterprise Zone under Section 31 of the Local Government Act 2003 and businesses now have until 31 March 2021 to relocate to qualify for ‘enterprise zone’ status.
Infinity Park Derby was originally designated an Enterprise Zone from 1 April 2016 and this extension of DRR will allow it to continue to grow and support new businesses in the city.
Cllr Nicola Roulstone, Cabinet Member for Finance and Procurement said:
“This is really good news for both Infinity Park and for those growing businesses looking for bigger or new premises. We want to do all we can to encourage investment in the city and so everything we can do to support that is to be welcomed.
“It’s a huge benefit to be able to do this without it impacting our already extremely tight budget.”