There are new proposals for small business rate relief currently circulating in central government. For the benefit of our Jewellery Quarter small businesses we have confirmed the information below:
- The existing small business scheme will continue for the 2016/2017 rate year , but retail relief is withdrawn.
- From 1st April 2017 all businesses occupying property with a rateable value of less that £12,000 will receive 100% relief.
- The relief will then taper to RV £15,000 .
- The small business multiplier will be applied to premises with a rateable value of less than £51,000.
- It looks like good news for small businesses! However the number of qualifying businesses in the JQ will depend upon the values proposed in the 2017 revaluation .
- Details of the new figures will be released on 30th September this year .
For current information on small business relief please click here.