_Budget 2017 - Business Rates changes and what you need to know

• Overall providing a further £ 2.3 billion of support for businesses to reduce the burden of business rates
• 2018/19 Government projected to collect £ 30 billion from business rates and £ 34 billion from council tax
• Businesses Staircase Tax to be scrapped and legislation introduced to backdated change to April 2010
• 2018/19 Business Rate Increases to be reduced from 3.6% to 2.7 % as a result of switching from the RPI to the CPI index. This will reduce the increase in rates overall by £ 240m next year
• Five yearly Rating Revaluation to be reduced to three from 2022
• £ 1,000 Relief to Pubs with RV under £ 100,000
• 100% Business Rates Retention to come into force in London next year
• New review of funding for Crossrail 2. This might be done by Business Rates Supplement as with the current Crossrail.
• Councils entitled to charge 100% premium on council tax for empty residential properties.
• To discuss the key points and how these may affect your business contact Keith Cooney or visit Knight Frank Business Rates

Commenting on the announcement Keith Cooney, Head of Business Rates, said, “It is welcome news that the mess and unnecessary costs caused by the implementation of the Supreme Court decision will now be stopped in its tracks and reversed.

"If this is a new dawn with the Government listening to the experts once more, then hopefully they will now look at the new rating appeals system which is not working and is causing an equal unnecessary mess.”

If you think these changes may impact your business or for general advice contact Keith Cooney or visit Knight Frank Business Rates.