Business Rates
Dec 1 2011
The Chancellor has announced that the current scheme for business rate relief will be extended for a further six months after the current deadline of October 2012. This means that businesses in premises with a rateable value of up to £6,000 will pay no rates. Where the rateable value is between £6,000 and £12,000 there is a tapered reduction in the amount due.
For premises that do not meet these criteria, business rates will increase in April 2012 by the rate of increase in the Retail Price Index in the year up to September 2011 (5.6 per cent). However, the government has announced that businesses will be able to defer 60 per cent of the increase to the 2013-14 and 2014-15 tax years, in two equal payments.
John Bloxham
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