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17/07/2012
Minister Seeks Views On Small Business Rate Relief Scheme
Finance Minister, Sammy Wilson, today announced an in year review of the Small Business Rate Relief scheme, which was extended in April 2012.
The focus of the review is to assess how well the scheme is operating and the specific costs of the expanded scheme. The review will also consider the operation of the multiple properties exclusion, and the merits of retaining double relief for business ratepayers who are also entitled to other significant support, such as derating (industrial, freight transport and sport and recreation relief).
Commenting on the review Sammy Wilson said: "Around 8,200 small businesses (or over 10% of business premises) have benefitted from a 20% discount on their rates since the expansion of the Small Business Rate Relief scheme in April. This additional support is a welcome assistance to many small businesses who have been adversely affected by the downturn and continue to struggle during these difficult economic times. In total around 24,000 businesses are now receiving help with their rates, with an average annual award of around £735.
"Given the expansion of the scheme in April, and the exclusion of those occupying multiple properties from the scheme, I feel that there is merit at this early stage in analysing which businesses are benefiting from this relief and whether further refinements could be made to better target help to those in most need."
(CD)
The focus of the review is to assess how well the scheme is operating and the specific costs of the expanded scheme. The review will also consider the operation of the multiple properties exclusion, and the merits of retaining double relief for business ratepayers who are also entitled to other significant support, such as derating (industrial, freight transport and sport and recreation relief).
Commenting on the review Sammy Wilson said: "Around 8,200 small businesses (or over 10% of business premises) have benefitted from a 20% discount on their rates since the expansion of the Small Business Rate Relief scheme in April. This additional support is a welcome assistance to many small businesses who have been adversely affected by the downturn and continue to struggle during these difficult economic times. In total around 24,000 businesses are now receiving help with their rates, with an average annual award of around £735.
"Given the expansion of the scheme in April, and the exclusion of those occupying multiple properties from the scheme, I feel that there is merit at this early stage in analysing which businesses are benefiting from this relief and whether further refinements could be made to better target help to those in most need."
(CD)
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