Flooded Businesses – Tax Deferral

As part of a package of initiatives to help local economies recover from the disruption caused due to wet and stormy weather of the last couple of months, David Cameron, Prime Minister has said the government is to offer a tax deferral scheme for affected businesses.

At a recent conference held at number 10, David Cameron said “Money is no object in this relief effort.  We will take whatever steps will be necessary.”

He then went on to outline the package of measures necessary and in response to numerous questions he indicated that this would offer a three month period of respite.  However, David Cameron did not specify which taxes or which areas would be included but did say that there would be more announcements over the next few days.

The Prime Minister has called upon the Association of British Insurers and CBI to organise a meeting to “develop further measures to support business” and they have also asked insurers to speed up the process for settling claims.

The government is also providing a £10m grant for farmers who, David Cameron said, ‘faced devastation to their livelihood’ and there are also plans to offer affected households a £5000 grant towards improving protection against floods.