Business Rate Changes – Budget Update
In the Budget, the Chancellor confirmed that he was changing the current rating system.
Under present arrangements, small businesses occupying properties with a rateable value below £6,000 are exempt from the payment of rates. In relation to rateable values between £6,000 and £12,000, they receive a sliding scale discount with full rates payable for business with RV’s in excess of £12,000.
Under the new arrangements from April 2017, small businesses will be except from the payment of rates if they have a rateable value of up to £12,000. The sliding scale discount will then apply for RV’s of between £12,000 and £15,000 with full rates payable thereafter.
There are also changes to the standard business multiplier which under the current proposal will only apply to rateable values in excess of £51,000.
The rating revaluation will however be in place prior to these changes and it is therefore vital that businesses check the draft rateable value when it is published. I attach below a link to our earlier press release dealing with this and for further information and advice, please contact our rating specialist, Norman Benton MRICS – firstname.lastname@example.org