News

2009-04-01 : New Legislation

In summary the Government are proposing to offer businesses the chance to pay a lower increase this year (2009-10) and make up the payments in the following two years.

KEY INFORMATION YOU NEED TO KNOW

• Regulations are expected to be in place by this summer offering you the option of deferring 60% of the increase in your rate liability this year (2009-10).
  
• You must continue to pay your rates liability as set out on your current bill.  However, if you have paid all your rates before the new legislation is in place the option to defer will not be available.
  
• Billing authorities will write to all businesses offering them the option once the necessary regulations have been made (expected July 09).
  
• Local Authorities will add any deferred amounts from this year to your 2010-11 and 2011-12 bills. The deferred liability will be repaid over two years.  You will have to pay 50% of the deferred amount in 2010-11 and the other 50% in 2011-12.

The effect is to provide a smoother profile of business rates payments over the next three years.  RPI is widely forecast to be negative later this year, which would have a downward pressure on 2010-11 bills. 

We will keep you fully informed as the new legislation becomes available.

Certainly if you have any questions please do get in touch!