For information:
Extract from the Autumn Forecast Statement by the Chancellor of the Exchequer, Rt Hon George Osborne MP
I also want to help existing small businesses who find the current economic conditions tough.
Business rates are a disproportionately large part of their fixed costs.
In the Budget, I provided a holiday on business rates for small firms until October next year.
I am today extending that rate relief holiday until April 2013.
Over half a million small firms – including one third of all shops – will have either reduced or no rate bills, for the whole of this year and for the whole of next financial year too.
And to help all businesses, including larger ones, with next year’s rise in business rates, I will allow them to defer 60% of the increase in their bills to the two following years.
The devolved administrations will be provided with Barnett consequentials to facilitate similar action if they choose to.
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