MOST business rate bills in the East of England - over 100,000 in total - will fall next year as a result of revaluation, the Government says. It says as a result of revaluation and relief arrangements, one million business properties overall will see an average decrease of �770 in 2010/11, and stresses it will not collect “a penny more” in extra revenue as a result of the 2010 revaluation.
MOST business rate bills in the East of England - over 100,000 in total - will fall next year as a result of revaluation, the Government says.
It says as a result of revaluation and relief arrangements, one million business properties overall will see an average decrease of �770 in 2010/11, and stresses it will not collect “a penny more” in extra revenue as a result of the 2010 revaluation.
The final arrangements for calculating new business rates bills were published this week. Most business properties in the East of England (58%) will see falls in their rate bills next year.
For those paying more, the Government is putting in place a �2billion relief scheme self funded by businesses that will limit and phase in increases.
The Government recently announced that it will remove the requirement to reapply for small business rate relief at revaluation reducing bureaucracy for small businesses and billing authorities.
East of England Regional Minister Barbara Follett said: “As a result of revaluation in the East of England over a hundred thousand business properties will see an overall reduction in their rate bills next year, with some of the largest decreases in sectors such as industry and manufacturing.
“While the majority of businesses will see benefits on their accounting sheets from revaluation, for the minority with increases we're today giving the go ahead for a �2bn relief scheme to limit the impact on bills.
“This is on top of the wider support available to help ease business pressures including discounted rate bills for small businesses and deferring tax payments.”
The ratings multiplier - which is applied to calculate final bills - has been reduced by 15%, taking it to its lowest level for 17 years. The Government says this is designed to ensure it does not collect an extra penny from revaluation and that “each business pays its fair contribution”.
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