Important changes from 1 April 2017
The Valuation Office Agency has completed a revaluation of rateable values and this applies to all business properties. These new rateable values are effective from 1 April 2017.
Rateable values are used to calculate Business Rates along with the national multiplier for the year. Business rate bills sent out with effective dates from 1st April 2017 will use the new 2017 valuation information. More information on revaluation 2017 can be found at The Valuation Office Agency.
Changes announced in the Spring Budget 2017
On 8 March 2017 the Chancellor announced three further changes to Business Rates within the Spring Budget:
Support for Small Businesses
A scheme of relief would be made available to those ratepayers facing large increases as a result of the loss of small business or rural rate relief. To support these ratepayers, the supporting small businesses relief will ensure that the increase per year in the bills of these ratepayers is limited to the greater of:
- A cash value of £600 per year (£50 per month)
- The matching cap on increases for small properties in the transitional relief scheme
It is expected that a small number of accounts in Colchester will be affected by this change. We are awaiting clarification of how the government wishes us to apply these changes and we will take prompt action to amend any relevant accounts as soon as this is received. Please continue paying Business rates until you have been notified of any change to your Business Rates.
New Discretionary Relief Scheme
The Government announced the establishment of a discretionary fund over four years from 2017-18 to support those businesses that face the steepest increases in their business rates bills as a result of the 2017 revaluation.
The Governments is currently consulting on the design of the discretionary relief scheme and once known further details will be published on how this scheme will be operated.
Support for Pubs
The Government has also announced a new relief scheme for pubs that have a 2017 rateable value of below £100,000. Under the scheme, eligible public houses will receive a £1000 discount on their bill. The government intends to consult on how this relief will be applied. Once we know more details we will be contacting eligible public houses to explain the application of the relief and further details will also be available on this website. Please continue paying Business rates until you have been notified of any change to your Business Rates.