2017 Re-valuation rate relief
Additional Rate Relief Schemes were announced in the Spring Budget to assist businesses which, following the Business Rates revaluation and changes to other reliefs, face the largest increases in the amount of rates payable.
In summary the measures announced are as follows:
Supporting small businesses
This is a new scheme of relief available to those ratepayers facing large increases in their Business Rates charge as a result of the loss of small business or rural rate relief following the revaluation of their business premises.
Some small businesses will potentially benefit from a cap on Business Rate increases. This Relief will ensure that the increase per year in the bills of these ratepayers is the greater of:
- a percentage increase p.a. of 5%, 7.5%, 10%, 15% and 15% (2017/18 to 2021/22) all plus inflation; or
- a cash value of £600 per year (£50 per month).