The Chancellor’s Spring Budget on 8 March 2017 included three business rate announcements which did not come in time to be reflected in 2017/18 business rate bills (note that business rates and the national multiplier is set by Central Government and not Borough of Broxbourne Council; each non-domestic property has a rateable value which is set by the Valuation Office Agency, an agency of HMRC).
The intention of the business rate changes in the budget is to absorb the impact of some rate increases following rating revaluation. The following measures have been announced, although we still await confirmation of some of the detail, and changes to legislation.
Please note that you need to continue paying your business rates in accordance with the bill you have received and we will inform you accordingly should there be any adjustments to your payment amounts.
Discretionary Support - The government has made a limited amount of funding available over four years from 2017-18, to provide discretionary relief to those ratepayers facing significant increases in their bills following the 2017 rating revaluation. There is no proposed national scheme to determine which businesses receive the support but the government has issued a consultation on how local government should design and implement this scheme and the calculation and administration of compensation for local authorities. Guidelines will need to be drawn up and agreed with Hertfordshire County Council for awarding this support relief. Once a scheme has been agreed, we will publish further information on our website.
Support for Small Business Rate Relief - There will be increased support for those businesses that lost small business rates relief entitlement as a result of the 2017 rating revaluation. The support will limit increases in bills to £600 per annum (£50.00 per month). We will contact the qualifying businesses when we receive confirmation of the changes in legislation.
£1,000 discount for smaller pubs 2017/18 - There will be a one off (i.e 2017/18 only) £1,000 business rate discount for public houses with a rateable value of up to £100,000, subject to state aid limits for businesses with multiple properties.