From today over half a million businesses will, for one year, get double their usual Small Business Rate relief as the Government’s budget promises to support local enterprise kick in.
The Government’s emergency Budget set out plans to rebuild and rebalance local economies so that new businesses and economic opportunities spread across the country. The one-year reprieve from business rate bills will lighten the load for small companies, giving them more freedom to manage their accounts and grow.
A total of 530,000 small businesses with rateable values up to £12,000 will receive double their normal discount for one year, a move which is set to save them a total of £390 million. Approximately 345,000 of those businesses with rateable values up to £6,000 - will pay no rates at all.
Bob Neill said:
This tax cut will help small local shops on high streets across England. Small firms are the lifeblood of local enterprise and the Government is committed to supporting them as we come out of recession.
Doubling their tax break for a year will give struggling companies a chance to get their finances on track, and help enterprising businesses to invest in their future and grow.
The Government is committed to creating a more effective economic development system that can drive growth and maintain recovery. The establishment of local enterprise partnerships will support local economies by radically reshaping the way business and government interact at the local level. Further measures to encourage local entrepreneurs include a reduction in corporation tax, support for businesses on capital gains tax and an increase in support for small companies who want access to bank lending.
Notes to editors
- This extra support for small businesses was announced as part of the emergency budget in the summer. http://www.communities.gov.uk/newsstories/newsroom/1620936
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