Revaluation Of Business Rates

Friday, 30 September 2016 16:57

The Government has announced a revaluation of business rates which it claims will ensure fairer bills for businesses in the Yorkshire and the Humber and up and down the country as part of creating an economy that works for everyone.

Local Government Minister Marcus Jones published a consultation on the revaluation of business rates which will ensure bills accurately reflect changes in the property market.

New figures published as part of the consultation show that the majority of businesses across the country will be unaffected or better off by the changes, with many looking forward to their bills falling as the system is made fairer across the whole of England.

The revaluation will reduce bills in the Yorkshire and Humber by 10% before inflation and transitional relief. This will reduce bills by almost £230m per year.

For the small minority of businesses who face an increase in the bills, any rise will be capped at five per cent in the first year for small properties, with a dedicated system of transitional relief worth £3.4 billion to help business owners adjust to the new bills.

Local Government Minister Marcus Jones said:

“We are committed to helping all businesses flourish and as we make the system fairer up and down the country, nearly three quarters of companies will see no change, or even a fall, in their bills – including 600,000 who from next April will have their bills cut altogether.

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