We have doubled the level of small business rate relief since October 2010. For 2015-16, this means an estimated 400,000 properties are paying no rates at all, while a further 200,000 properties are benefitting from tapered relief.
Small businesses will also benefit from other measures in our £1.4 billion package of support for 2015-16 bills, including the 2% cap on the increase of the small business rates multiplier for two years and the £1,500 discount for shops, pubs and restaurants with rateable values below £50,000. They will also benefit from wider support for small businesses.
Business rates are a proportionately higher fixed cost for small businesses as compared to large. The doubling of Small Business Rate Relief therefore provides targeted support to reduce small businesses’ tax burden.