Budget 2015 – Business Rates

Business Rates

Following constant and ongoing pressures from businesses, the Government will launch a review on the current Business Rates regime, and how businesses will pay the tax. The review will look at how we could modernise the system so it better reflects changes on the value of property and the property use.

Given that the current system of business rates was created over 25 years ago, the time has now “come for a radical review”. The review will be reported by Budget 2016.

 

Small Business Rate Relief

The doubling of the small business rate relief will be extended for a further year, to 31 March 2016. This means that properties with a rateable value of £6,000 or less will get 100% relief, and those with a rateable value between £6,001 and £12,000 will get relief tapered from 100% to 0%.

The doubling of the small business rate relief is expected to result in 385,000 businesses paying no rates at all.

 

Help for the High Street

Announced prior to the Budget, as from 1 April 2015 the Government is increasing the business rate discount for smaller retail premises with a rateable value of £50,000 or below to £1,500 per annum, up from the previous discount of £1,000.

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Oct 18

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