Small and medium sized enterprises and the commercial property sector have welcomed the news that the small businesses rates relief scheme is to be extended by a year. The scheme exempts certain ratepayers from paying any business rates and reduces the amount paid by others (approximately 400, 000 pay no business rate at all).
A property sector insider has revealed that it was almost inconceivable that the Chancellor would not extend this additional relief for small business.
A regional chairman of the Federation of Small Businesses, who campaigned for the extension, has stated, “The government has listened to the FSB’s calls for small business rate relief to be extended for another year, which is welcomed”. The extension is expected benefit around 600,000 businesses.