Spring Budget 2017
In the Spring Budget the chancellor announced that additional schemes of relief would be made available to help support small or rural businesses and pubs further to the impact of large increases in the 2017 revaluations.
Supporting Small Businesses Relief
A scheme of relief has been made available to those ratepayers facing large increases as a result of the loss of small business or rural rate relief from 1 April 2017.
The current transitional relief scheme does not provide support in respect of changes in reliefs, only substantial increase/decreases in rateable value. Therefore, those ratepayers who are losing some or all of their small business or rural rate relief may be facing very large percentage increases in bills from 1 April 2017.
The supporting small businesses relief will help those ratepayers who as a result of the change in their rateable value at the revaluation are losing some or all of their small business or rural rate relief and, as a result, are facing large increases in their bills. To support these ratepayers, the supporting small businesses relief will ensure that the increase per year in the bills of these ratepayers is limited to the greater of:
- A cash value of £600 per year (£50 per month). This cash minimum increase ensures that those ratepayers currently paying nothing or very small amounts are brought into paying something, or
- The matching cap on increases for small properties in the transitional relief scheme (Year 1 5%, Year 2 7.5%, Year 3 10%, Year 4 15% and year 5 15% + Inflation)
£1,000 Pub Support Relief
The government has also announced a new relief scheme for pubs that have a rateable value of below £100,000. Under the scheme, eligible pubs will receive a £1,000 discount on their bill. The relief will have effect for 2017/18 only.
Please note that if you are eligible for one of the above relief’s your annual bill will be delayed until April. Your first instalment will fall due on 1 May 2017 which will mean your final instalment will be 1 February 2018 instead of 1 January 2018.Is there anything wrong with this page?