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The Chancellor announced a series of measures to soften the blow on businesses affected by the revaluation of business rates in England from April 2017.This is in addition to the announcement in November 2016 extending Small Business Rate relief (SBRR).
Help for businesses facing business rates increases
Prior to April 2017 if a business occupied a single building with a Rateable value (RV) of £6,000 of less, it paid no business rates. This figure is increasing to £12,000 with a sliding scale applied if RV is between £12,000 and £15,000. For example a building with a RV of £13,800 will receive a 40% reduction in their business rates bill.
For businesses that lose SBRR due to an increased RV, the increase in their bills will be capped at £50 per month.
Local authorities will receive £300 million of funding to provide support to businesses suffering particular hardship.
Public houses with a RV of up to £100,000 will receive a reduction of £1,000 in their business rates bill. This reduction is for a one year period from April 2017 and for businesses with multiple properties there may be state aid limits.
The Chancellor also announced his aim to have more frequent revaluations of RVs – at least every 3 years – and will set out its preferred approach at Autumn Budget 2017.
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