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Budget 2016 - Business Rates changes: Good news for small businesses


We still await the detail on the reforms to the business rates system, but a number of changes have been announced in today’s budget, most notably of benefit to small businesses;

o Small Business Rate Relief (SBRR) –SBRR will double in England from 1 April 2017

o Thresholds for Small Business Rate Relief –The SBRR threshold in England will be increased to rateable values of up to £12,000 tapering to £15,000 from 1 April 2017

o Long term review of Business rates – A summary of the responses received will be published in March 2016.

o Valuation reform of Business rates – The government will aim to introduce more frequent (at least 3 yearly) revaluations of properties in England for business rates

o Annual indexation – Annual increases will reflect movements in Consumer Prices Index rather than Retail Prices Index, from April 2020 

Nicola Murrish, Associate at Vickery Holman says “this is great news for small businesses.  Under the previous small business relief scheme only qualifying small businesses with an RV under £6,000 were entitled to 100% relief.  This change will see this relief extended to properties with an RV up to £12,000, affecting an estimated 600,000 small businesses.”