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