Budget 2017 – Business Rates

Budget changes to soften the impact of 2017 rates revaluation

Many businesses are dreading the impact of the five yearly revaluation which will take effect in April 2017.  Details of a transitional relief were announced in the 2016 Autumn statement, ensuring that no small property would see more than a 5% increase before inflation due to the revaluation. Three further measures were announced in the Spring budget:

• Small businesses coming out of small business rates relief will pay no more than £600 per annum more in business rates than they did in 2016-17
• Pubs with a rateable value of up to £100,000 will be able to claim a £1,000 business rate discount
• Additional funding will be made available to local authorities to provide discretionary relief to the businesses most affected by the revaluation.