BUSINESSES that move into vacant town centre properties will see their business rates slashed in a North Oxfordshire pilot scheme.

On Monday, March 6 members of Cherwell District Council's executive approved the proposals as a way to bring empty properties in Banbury, Bicester and Kidlington back into use.

For the next two years the 'Business Rates Incentive Scheme' will provide 50 per cent relief for small firms occupying vacant premises in designated areas.

Properties need to have been vacant for at least six months.

The scheme will be open to all firms with a rateable value of £15,000 to £50,000, with some exceptions.

Ken Atack, the council's lead member for financial management, said: “Cherwell is fully committed to sustaining the economic growth of the district. The aim of the scheme is to help reduce empty properties, to increase the diversity of the town centres and offer an incentive for new or expanding businesses looking to locate in Banbury, Bicester and Kidlington.”

Business Rates, also known as National Non-Domestic Rates (NNDR), are a form of tax payable by owners and occupiers of commercial properties in accordance with the Local Government Finance Act 1988.

Until April 2013 they were collected by Cherwell and passed to central government who redistributed them nationally.

With the localisation of business rates from April 2013 councils were given more flexibility including the ability to reduce business rates.

The new will come into effect from Saturday, April 1.

For moreinformation call Geni Hotchkiss on 01327 322170 or geni.hotchkiss@cherwellandsouthnorthants.gov.uk