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.’
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