InsightsClient Story - Commercial Law - POSTED: March 8 2017
Latest on business rates following 2017 Budget
The Chancellor has just announced in his Budget to Parliament that further measures are to be applied to business rates in an effort to aid small businesses and pubs ahead of the business rates relief revaluation on 1 April 2017.
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£435m in support will be allocated to those businesses most affected with £300m being given to Local Authorities to provide discretionary relief. Those businesses set to lose rate relief will see increases capped at £50 per month.
Landlords are advised that pubs with a rateable value up to £100,000 will be able to claim a £1,000 discount on rates for one year, which should provide help to approximately 90% of pubs in England.
Whilst opinion is divided as to whether or not these measures will assist small businesses in the long run, it does show some commitment to try and help those businesses most at risk of losing any rate relief, albeit if it is only a temporary solution.
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