New proposals for small business rate relief

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  • The existing small business scheme will continue for the 2016/2017 rate year , but retail relief is withdrawn.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. 

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