Business Rate relief for Newbury

Richard Benyon, Member of Parliament for Newbury, has welcomed the Chancellor’s budget as a budget that “builds on the economic success of the last seven years and delivers for business in Newbury.”

A key issue that it addressed was the business rates revaluation. Richard has long campaigned for reform to the ratings system and has been critical of the Valuations Office Agency and others for the way in which business rates valuations have been carried out and implemented.

Richard commented: “I am pleased how much this Government has done to support small business. When we came into Government in 2010 corporation tax was at 28% now it’s 20% and set to fall to 17% by 2020.

“But the latest business rate revaluation has exposed serious flaws in how the system works. That is why I am delighted by the Chancellor’s commitment to conduct a full review into the ratings system before the next round of valuations.

“It is also good news that the Chancellor has committed to much-needed transitional relief for those businesses affected now by the current revaluation. Businesses coming out of Small Business Relief will have their increases capped at £50 per month in 2017-18.”

In addition, pubs with a rateable value of under £100,000 – 90% of all pubs – will see a £1,000 discount on their 2017 business rates bill; and local authorities will receive a further £300 million to help businesses that are struggling due to the revaluation in their areas.

The Government had already committed to double Small Business Rate Relief, increase the threshold, give 100% relief to businesses with properties with rateable value of up to £12,000 and taper relief for businesses with properties with rateable value between £12,000 and £15,000. 

Richard said, “It is clear that the Conservatives in Government are the party that is supporting small business and these measures will go further towards helping businesses like those in Newbury and West Berkshire.”