Spring Budget 2017
Despite the clamour for reform of the Business Rates System there was limited relief in the Chancellors Spring Budget Statement.
The biggest beneficiaries are perhaps businesses coming out of small business rate relief as a result of the 2017 Revaluation. Businesses affected by this, i.e. you received some rates relief in the 2010 Rating List but none in the 2017 Rating List, will benefit from a cap of a £50 increase on their Rates bill.
Another beneficiary is the pub trade. There will be a £1,000 discount on business rate bills for all pubs with rateable value of less than £100,000, this equates to approximately 90% of all pubs.
The final point to note was that a £300m fund will be made available to councils to allow them to provide discretionary relief. However, when put into context this means that each local authority will receive £990,000 – an almost irrelevant amount given the scale of the liability that Business Rates impose.