23rd November 2017.
Business Rate Cut To Boost Business
A planned cut to business rate rises in England has been brought forward by two years to 2018 by the chancellor.
From April, rates will rise in line with the lower Consumer Prices Index (CPI) measure of inflation, not the Retail Prices Index (RPI).
The move is worth £2.3 billion to businesses over the next five years, Chancellor Philip Hammond said.
In his Budget speech, Mr Hammond said the move would help the UK’s 5.5 million small businesses – which he said showed “extraordinary vibrancy and resilience” but “are feeling under pressure right now”.
After much outcry from small business owners, Hammond has also promised a change to the so-called ‘Staircase Tax’. This law charged companies higher rates if their offices were in communal blocks and spread over several floors or separated by corridors shared with other occupiers.
The Federation of Small Businesses said the end of what was dubbed “the staircase tax” would “throw a lifeline to thousands of small firms that had no time to prepare for this completely unfair and retrospective levy”.
The two measures will help ease the struggle of many small businesses, particularly while the terms of deal with the European Union remains uncertain.
Mr Hammond said from now on revaluations would take place every three years, rather than the planned five-year period.
The move to bring forward the linking business rates to the lower measure of inflation will mean bills are lower than they would have been over the next two years.
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