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Emergency Budget response and Business Rates implications

02 July 2010

The Chancellor of the Exchequer, George Osborne MP, recently delivered his much anticipated emergency Budget statement. In it, he acknowledged that Business Rates were a "significant cost, particularly for smaller businesses".

The statement continued: "The Government has already legislated to freeze payments of certain significant backdated business rates bills until April 2011, including for businesses in ports. To resolve this issue, it will bring forward legislation to cancel such bills for newly assessed properties that were split from a larger rateable property."

" Legislation will also now be laid for a temporary increase in the level of small business rate relief, for one year from October 2010. It is estimated that over half a million businesses across England will benefit."

This news will no doubt be welcomed by the owners of ports, recently hit by large rates bills which had been backdated by eight years in some cases. The owners of small businesses struggling during the recession will also appreciate a higher level of rate relief, albeit only for one year. Certainly, the latest Rates Revaluation has hit many  businesses hard, with a steep rise in rates liabilities seen across the country for small and larger business alike. However, it looks as if occupiers of larger properties which do not qualify for Small Business Rate Relief, some of whom were faced by increases in their rates of up to 120% in areas, will be left to shoulder the burden.

Contact Ruddle Merz today to find out how we could help to reduce your property's Rateable Value by correcting errors in its valuation. Our team of Surveying experts can advise you on a range of Rate-related matters including empty rate relief and Material Changes in Circumstance.

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