Rates relief to ease burden for SMEs
Small businesses will qualify for business rates relief under new proposals tabled by local government minister Nick Raynsford today.
Relief will be available at 50% for business properties with a rateable value of £5,000, and the relief will decrease on a sliding scale with a maximum of £10,000, where there will be no relief.
There is also a buffer zone for businesses properties between £10,000 and £15,000, which will not have to contribute to the relief.
Raynsford said: ‘Government recognises that the current system of business rates places a disproportionate burden on small businesses. The small business rates relief scheme will address that.’