Budget 2017 – Business Rates

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Budget changes to soften the impact of 2017 rates revaluation

Many businesses are dreading the impact of the five yearly revaluation which will take effect in April 2017.  Details of a transitional relief were announced in the 2016 Autumn statement, ensuring that no small property would see more than a 5% increase before inflation due to the revaluation. Three further measures were announced in the Spring budget:

  • Small businesses coming out of small business rates relief will pay no more than £600 per annum more in business rates than they did in 2016-17
  • Pubs with a rateable value of up to £100,000 will be able to claim a £1,000 business rate discount
  • Additional funding will be made available to local authorities to provide discretionary relief to the businesses most affected by the revaluation.

 

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