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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 – norm.benton@impey.co.uk

https://www.impey.co.uk/rating/