Business rates to reduce for a year

In the autumn Budget, Government’s stated aim was to “make the business rates fairer and timelier” – they will now be reviewed every three years.

There will be a new one year 50% business rates discount for retail, hospitality, & leisure sectors, although there is a £110,000 cap.  Retail outlets e.g. showrooms are advised to check with their local authority regarding eligibility.

The Government will reduce business rates in England by £7 billion over the next five years.