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Business Rate: Update on the Spring Budget 2017

Spring budget 2017: Business Rates

In the spring budget 2017 the government announced three additional types of support and relief relating to business rates:

  • Extended relief for Small Business
  • Relief for Pubs
  • Support for businesses who face the steepest increases as a result of the 2017 revaluation

Extended relief for Small Business

The government has helped businesses who faced large increases in their business rates in 2017/2018 as a result of the loss of small business rate relief or rural rate relief due to a change in their rateable value.   

The increase in the business rates bill has been limited to whichever is the greatest of the following:

  • (a) A maximum increase of £600 per year (or £50 a month) cash value. The cash minimum increase ensures that customers who previously paid nothing or just very small amounts now have to pay something; or
  • (b) The matching cap on increases for small properties in the transitional relief scheme.

These customers have been identified by the Council and the limits have been applied to the accounts and ratepayers have been issued with new bills.   

If you think this applies to you and you have not had an amended bill, please contact your Local Authority on 01522 873342.

Relief for public houses

Public houses that have a rateable value of below £100,000 have now been issued with application forms to apply for up to £1000 discount on their rates bill for 2017/2018.

The relief is considered to be State Aid and therefore the council require a signed application form.

Ratepayers have been completing and returning these forms and a number of customers have had their amended bills.

If you have not returned your form, please ensure that you do so as soon as possible

If you think this applies to you and you have not had an application form, please contact your Local Authority on 01522 873342.

Support for ratepayers who face the steepest increases in rate bills as a result of the 2017 revaluation.

The government provided a £300m discretionary fund for businesses facing steep increases in business rates due to the 2017 revaluation.

This funding was distributed to the Local Authorities and will be available over the next four years.

Each Local Authority has put in place a discretionary scheme in order to determine how this funding will be distributed. For North Kesteven District Council - their scheme can be found on the following link: www.n-kesteven.gov.uk/LDRRS/