Spring budget 2017
Changes announced by the Chancellor
A number of changes were announced by the Chancellor in the Spring budget announcement on 8 March 2017 for proposed changes to Business Rates. The Council will either contact all affected businesses to advise the process for claiming any additional relief or send adjusted bills if an application is not required.
A summary of the changes announced are below:
- 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.
- Providing English local authorities with funding to support £300 million of discretionary relief, to allow them to provide support to individual hardship cases in their local area.
- 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.
- Local government will be fully compensated for the loss of income as a result of these measures.
- At Budget 2016 the government announced an aim to deliver more frequent revaluations of properties – at least every 3 years. The government will set out its preferred approach for delivering this aim at the Autumn Budget 2017 and will consult ahead of the next revaluation in 2022.