2017 Spring Budget - Changes on Business Rates
In addition to the £3.6 billion transitional relief which was announced in November 2016, the government will provide £435 million of further support for businesses facing significant increases in bills from the English business rates system. This includes:
- support for small businesses losing Small Business Rate Relief to limit increases in their bills to the greater of £600 or the real terms transitional relief cap for small businesses each year. Local Authorities are waiting for formal guidance on the operation of this scheme from government.
- providing English local authorities with funding to support £300 million of discretionary relief, to allow them to provide support to individual hard cases in their local area. The government has released a consultation to determine the conditions of this scheme which will run for the next 4 weeks. An update will be provided when further information is released by the government.
- The government will also introduce a £1,000 business rate discount for public houses with a rateable value of up to £100,000, subject to state aid limits for businesses with multiple properties, for one year from 1 April 2017. DCLG plans to publish a consultation on the operation of the relief scheme for pubs shortly and an update will be provided when that consultation is completed.
For full details on the Chancellor's Spring Budget please click here (see section 4.5).