Reaction and analysis of business taxation measures and reliefs announced in the 2013 Autumn Statement
Chancellor George Osborne has announced a package of reforms to business rates which he says is designed to help businesses grow and create jobs and to provide support for the high street in the face of the switch to online sales.
In the Autumn Statement, Osborne confirmed the cap on the Retail Prices Index (RPI) increase in business rates in England will be 2% in 2014–15. With effect from 1 April 2014 businesses will be able to pay in 12 monthly instalments, rather than over ten months as at present.
In addition, the government will extend the doubling of the Small Business Rate Relief (SBRR) for a further 12 months from 1 April 2014, which it says will help 540,000 firms. The SBRR rules will be relaxed to allow businesses taking on an additional property to retain SBRR on the first property for one year, with effect from 1 April 2014.
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