There has been much lobbying from the small business sector to reduce business rates. The Chancellor, Philip Hammond, stated that 600,000 small businesses currently benefit from small business rates relief.
He also announced that no small business that is coming out of small business rates relief will pay more than £600 more in business rates this year than they did in 2016/17.
Any business coming out of small business rate relief will benefit from an extra cap – business rates bills will not increase by more than £50 a month. In addition, to specifically support the Licensed Trade, from April 2017, Pubs with a rateable value of up to £100,000 will be able to claim a £1,000 business rates discount for one year.
The business rates revaluation takes effect in England from April 2017.