Business Services

Small business happy with tax break increase

Business News - Business rate relief for small companies to increase - SantanderCB

In yesterday's Budget, George Osborne announced a permanent increase in business rate relief for small companies, taking it from £6,000 to £15,000 and the higher rate from £18,000 to £51,000. The chancellor said this meant that from April next year, 600,000 more small businesses would pay no rates. The Federation of Small Businesses reacted jubilantly to the move, welcoming in particular the permanent nature of the increase. Osborne also introduced a three-yearly review of rates, and announced that from 2020 they would be uprated using the consumer prices index measure of inflation rather than the retail prices index. CBI director-general Carolyn Fairbairn said: 'In addition to small firms being taken out of the regime and changes to the uprating mechanism, all companies will welcome more frequent revaluations, which the CBI has long been calling for.'


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