Autumn Statement 2015: Rate relief for small businesses extended
George Osborne announced at the government’s 2015 Autumn Statement and Spending Review that double business rate relief for small enterprises is to continue for another year.
Introducing the measure, the chancellor affirmed the government’s commitment to all businesses, large and small.
The move that will mean that 405, 000 firms operating from a single property will receive a full exemption from business rates next year, with a further 200, 000 benefitting from a tapered discount. The qualifying ratable values remain unchanged companies occupying premises worth less than 6, 000 a year will continue to receive a full exemption, and workplaces with annual values of up to 12, 000 will receive a partial discount.
The Association of Convenience Stores (ACS) called recentlyfor an extension of the scheme and has welcomed the announcement but raised concerns about the devolution of rate setting to local authorities which was also unveiled in the Autumn Statement.
ACS chief executive James Lowman praised the essential? policy for giving local shops the opportunity to invest in their staff, property and services.
Hannah Wilkinson is a reporter for Business Advice. She studied economics and management at Oxford University and prior to joining Business Advice wrote for Kensington and Chelsea Today about business and economics as well as running a tutoring company.
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