The Chancellor of the Exchequer announced on 22 November at the 2017 Autumn Budget the following business rates measures:
Extension of Pub relief scheme
The Chancellor announced that the pubs relief scheme would be extended by a further year. The existing guidance and terms for the current scheme will continue to apply in the same way – eligible pubs with a rateable value of below £100,000 will receive a £1000 discount on their bill. The relief will have effect for 2018/19.
More Frequent Revaluations
At the Autumn Budget it was confirmed that the frequency of revaluations would be increased to every three years, following the next revaluation currently due in 2022. Three year revaluations will be delivered by the Valuation Office Agency, and to support this business owners will be required to provide regular information on who is responsible for business rates and on property characteristics including use and rent to the Valuation Office Agency.
Business Rates Indexation and Provisional Multipliers for 2018-19
At Autumn Budget 2017 the government confirmed that it would bring forward the planned switch in the indexation of business rates from Retail Price Index to the main measure of inflation (currently Consumer Price Index) by two years to April 2018. This will apply to bills from 1 April 2018.
This results in:
- Non- domestic Multiplier for 2018/2019 of 49.3p
- Small Business Non-Domestic Multiplier 2018/2019 of 48.0p