Business Rates

The heated debate over the fairness (and unfairness) of business rates will no doubt continue and the Chancellor acknowledged in his speech that in the medium term the current system needs further reform, particularly in relation to taxing the digital part of the economy.

However, in an attempt to appease the business community in the short term, the Chancellor unveiled three new measures:

  1. No business losing small business rate relief will see their bill increase next year by more than £50 a month and the subsequent increases will be capped at either the transitional relief cap or £50 a month, whichever is higher;
  1. Pubs with a rateable value of up to £100,000 will receive a £1,000 discount on their business rates bill for 2017 (and the Chancellor indicated that this should help 90% of all pubs);
  1. A £300 million fund will be introduced for local councils to offer discretionary relief for hard-hit cases.

 

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Oct 19

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