Budget announcement – changes to business rates

Date published: 10 March 2017

On  8 March 2017 the Chancellor announced that the Government will provide support for businesses facing significant increases in bills from the English business rates system. This includes:

  • increasing the Small Business Rate Relief (SBRR) from 50% to 100% meaning businesses with a total rateable value of £12,000 or below will receive 100% relief providing your business uses only one property    
  • supporting small businesses with a rateable value of between £12,001 and £15,000 who would lose the small Business Rate Relief to limit increases in their bills by providing a tapered relief
  • introducing 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
  • 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
  • increasing the threshold for the standard business-rates multiplier to a rateable value of £51,000

Businesses must however keep paying their business rate liability as set out in their current 2017 bills until the regulations take effect.

You do not need to contact us regarding these changes, we will contact you and issue amended bills for 2017 once the necessary administrative guidance has been received.

For the latest news on West Lindsey District Council visit: www.west-lindsey.gov.uk/councilnews

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