NNDR Autumn Statement
On the 3 December 2014 the Chancellor of the Exchequer announced a package of business rate measures.
- the Retail Price Index increase in 2015-16 will be capped at 2% instead of 2.3% (further details below);
- the doubling of the Small Business Rate Relief will be extended for a further 12 months until 31 March 2016;
- increasing the temporary £1000 discount for shops, pubs and restaurants with a rateable value below £50,000 to £1,500 for 2015-16;
- to extend in effect the existing transitional relief scheme for two years for properties with a rateable value up to and including £50,000. This will be delivered using Localism Act discounts on which the Department will publish guidance shortly. This measure will not affect those ratepayers in transition to lower bills whose scheme will end on 31 March 2015;
- business rates appeals: backdating – the government will change the rules so that alterations to rateable values can only be backdated to the period between 1 April 2010 and ratepayers’ appeals made before 1 April 2015 and 1 April 2015 for Valuation Office Agency alterations made 1 April 2016.