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The Budget and Business Rates

The Budget and Business Rates

The key change is that Small Business Rates Relief scheme has been permanently doubled with effect from 1 April 2017. Small businesses who occupy properties with a rateable value of below £12,000 (up from £6,000) will pay no business rates at all from 1 April 2017. According to the Chancellor over 600,000 businesses will benefit from this change. A tapered relief scheme will be implemented for rateable values between £12,000 and £15,000; from 100% relief below £12,000 to no relief above £15,000.

A further change is that the upper threshold for the standard business rates multiplier (UBR) – currently used to calculate business rates on properties with a rateable value between £12,000 and £18,000 (or £24,500 in London) - has been significantly increased to £51,000, taking 250,000 smaller properties out of the higher rate.

More frequent revaluations are to be introduced and Government’s aim is to introduce at least three-yearly revaluations.  Another discussion paper will be published later in the year.

Richard adds that whilst this is not the radical reform of the system rate-payers hoped for, the Budget changes have welcome elements that will provide some important cost savings for many occupiers.

Contact Richard Grassly on RichardG@rhrwclutton.co.uk for more advice.

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