Clearview South March 2014 - Issue 148 - Page 21

INDUSTRYNEWS THE FLOODS: FUNDING WILL HELP NOW But what of the future? The government’s package of new measures to help homes, businesses and farmers hit by the floods is welcome news and will make a big difference to those affected. But what is also needed is a proactive, long-term commitment to prevention and protection. The new measures: “Repair and renew” grant for all affected homeowners and businesses The £5,000 grant will provide financial support for households and businesses to pay for repairs which improve a property’s ability to withstand future flooding. Business taxes • all affected businesses will be able to apply to their local authority to get business rate relief for three months • further detail will be announced shortly on the application process and eligibility • HMRC will also set up a new hotline for those who have been affected by flooding and who may have difficulties in meeting their tax liabilities • in all cases HMRC will look to offer up to three months additional time to pay. This will cover all taxes owed to HMRC, including VAT, PAYE and corporation tax. £10million fund for farmers suffering water-logged fields £750 million from the major banks A total commitment in excess of £750 million from the major banks to provide financial support to business and individual customers affected by the floods. ‘excess of £750 million’ The packages include a mixture of repayment holidays, reduced or waived fees, loan extensions, increased flexibility of terms, and additional specialist support teams deployed on the ground. This support is being made available to businesses, farmers and individual customers in affected areas. • RBS have already announced a £250 million inte ɕ