Temporary Increase In Small Business Rate Relief Extended To 31 March 2015
Does your business occupy a property with a value of less than £12,000? If so, you could be entitled to Business Rate Relief until 31 March 2015.
An amendment to The Non-Domestic Rating Small Business Rate Relief has been made and came into force on 14 February 2014. The Order:
- Extends the temporary increase in the level of small business rate relief in England for a further year, until 31 March 2015.
The increased relief was initially introduced for one year from 1 October 2010 to 30 September 2011. It provides 100% relief for eligible businesses occupying premises with a rateable value of not more than £6,000. There is a tapered relief from 100% to zero for properties with a rateable value between £6,001 and £12,000.
- Provides that where a ratepayer starts to occupy an additional property, the ratepayer does not lose the benefit of the relief for the first 12 months of occupation.
Until 14 February 2014 a ratepayer only received relief if they occupied one property (although additional properties were disregarded if their rateable value, and the aggregate rateable value of all their properties, was below certain thresholds).
For more information on small business rate relief contact a member of our Commercial Property team.