Friday, 6 December 2013

Business rates capped 

Increases in business rates in England are to be capped at 2%, instead of being linked to inflation, the Chancellor announced in his Autumn Statement. Business rates were set to rise by 3.2% next year, based on September's Retail Prices Index measure of inflation. Mr Osborne said he planned to encourage small businesses on to High Streets by cutting £1,000 from their rates bill. Firms will also be allowed to pay their rates in monthly instalments. The Chancellor claims the cap could save businesses up to £3,375. The £1,000 discount will apply to retail premises, including pubs, cafes and restaurants, with a rateable value of up to £50,000 for two years. He also pledged help for the High Street by introducing a "reoccupation relief" - halving business rates for businesses moving into vacant premises. BBC News Financial Times, Page: 6

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