2017 Budget Changes to Business Rates
2017 Budget Business Rates changes in a paragraph…
The government will provide £435 million of further support for businesses facing significant increases in bills from the English business rates system. This includes:
Support for small businesses losing Small Business Rate Relief to limit increases in their bills to the greater of £600 or the real terms transitional relief cap for small businesses each year;
Providing English local authorities with funding to support £300 million of discretionary relief, to allow them to provide support to individual hard cases in their local area;
The government will also introduce 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;
Local government will be fully compensated for the loss of income as a result of these measures.
At Budget 2016 the government announced an aim to deliver more frequent revaluations of properties at least every 3 years. The government will set out its preferred approach for delivering this aim at Autumn Budget 2017 and will consult ahead of the next revaluation in 2022.