The numbers of business that will receive relief will increase as the threshold has also been raised. Now businesses eligible for small business relief with a rateable value of £12,000 or under will pay no rates (previously under £6,000).
Eligible businesses with a rateable value between £12,000 and £15,000 will be able to apply for small business relief and pay part rates.
And the small business rate multiplier will be extended to all businesses with rateable values up to £51,000 rather than up to £15,000.
In North Lincolnshire this means that, on current valuations:
- 2,217 properties will now pay no rates (up from 1,686)
- A further 222 could apply to pay a partial small business rate
- And a further 670 will pay the Small Business Rate rather than the Standard Rate
- In all that potentially benefits 3,109 businesses