ALMOST £1 million will be awarded in rate relief to West Oxfordshire businesses during the next 12 months.

West Oxfordshire District Council has awarded £420,599 in rate relief to 449 local businesses in the last financial year and is expecting to administer a further £540,000 in 2015/16.

Under the Government scheme, announced in the Autumn 2013 statement, up to £1,000 rate relief has been available for all occupied retail properties with a rateable value of £50,000 or less. In the coming year, this will rise to £1,500 per applicant.

Councillor Richard Langridge, Cabinet Member for Local Economy, said: “This scheme has been of tremendous benefit to our local economy and we are delighted to be continuing with it in the coming financial year.

“It is heartening to hear that it has so far supported almost 450 retailers in our district, representing almost 12 per cent of the total business rate accounts that we deal with, and that even greater levels of relief are to come.

“Recent years have been extremely difficult for retailers. We are grateful for the resilience they have shown and will continue to provide support wherever we can, including the continuation of free parking across the District which plays a vital role in the success of our town centres.”

The Council’s Cabinet was updated on the rate relief scheme at a recent meeting, at which business rate re-occupation, new-build relief and transitional relief schemes were approved for the forthcoming financial year.