Business rates relief “doubled permanently”
Business rates relief for small businesses will “more than double” during the next budget period.
The Chancellor, George Osborne, announced that he was raising the threshold to £15,000 for the lower rate (up from £6,000) and to £51,000 got the higher band (up from £18,000).
He said the measures would mean around 630,000 small businesses would be removed from business rates altogether, and they would collectively save £7 billion per year.
In his budget statement, delivered in parliament today, George Osborne said: “A typical corner shop will pay no business rates to get rid of tax for small businesses in a nation of shopkeepers.” He said that the Conservatives are “on your side”.
Further measures in the new policy include a system where future increases will be tied to the CPI (consumer price index), and that commercial stamp duty for smaller businesses will be reduced.
