Spring Budget 2017 - Business bonus
The Government have announced that we are still on target for Corporation Tax to be reduced from 20% to 17% in April 2020, a measure to illustrate that the UK is open for business.
Whilst we await the revaluation exercise from 1 April 2017 for non-domestic properties (i.e. shops, offices, pubs, etc.), which in some circumstances will increase the level of business rates payable, there is an interim bonus for some businesses where business rates will be reduced:
- Pubs with a rateable value of up to £100,000 will receive a £1,000 business rate discount
- Local authorities will get £300 million ‘discretionary rates relief’ to provide relief to business who are to be worst hit by the changes of the revaluation exercise.
If you should have any questions or wish to discuss any of the above, we are here to help you. Please contact Martin Coulson or your usual Mercer & Hole contact.
Date: 9th March, 2017
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