In the Budget Chancellor, George Osborne announced that the Government is to cut business rates for small businesses completely. The tax cut claims to save 630,000 small businesses across the UK somewhere in the region of £6,000 each. Adam Burke, director rating at the North West offices of real estate advisors Colliers International in Manchester and Liverpool, comments:
“It’s only when rateable values are published in September 2016 that will we know whether businesses will be better off. It is too early to say whether the move to CPI and changes to Small Business Rates Relief are going to offer the actual reductions Osborne claims.
“Today’s announcement is a clear admission that delaying the revaluation was a mistake. Colliers’ Manifesto for Business Rates Reform called for Government to ‘act now to avoid paying later’ with three-yearly revaluations so that this tax is properly linked to values.
“Pilots for 100 per cent retention of business rates for Liverpool, Manchester and London will sharpen minds. But we do not want a two tier system with wildly different multipliers.”
