Jonathan Werran 03 December 2014

Autumn Statement: Property experts hail business rates review

Property experts have hailed the chancellor for his pledge to hold a structural review of business rates in today’s Autumn Statement.

Liz Peace, chief executive of the British Property Federation said the business rates system needed to change ‘for the sake of business competitiveness and Government efficiency’.

‘We need a system that is more responsive, both to changes in the economy and to the relative position different businesses find themselves in,’ Ms Peace added.

She called for a ‘root and branch’ review that would deliver a system fit for the 21st century.

'Basing a property tax on nine-year-old valuations is simply unfair and inefficient, and other countries have shown that with the use of technology you can design a far more responsive system,’ Ms Peace said.

The commitment to engage with business groups to review the charges was made amid a series of measures directed at small firms.

Mr Osborne pledged to double small business rate relief, a measure which benefits half a million firms and fully exempts around a third of a million, for a further year.

The chancellor also announced he would continue to cap inflation-linked increases to business rates to 2%, but not to switch to the lower CPI inflation measure.

And with a nod to Small Business Saturday, which takes place this weekend, he further announced a 50% increase on the rates discount that was introduced last year for high street shops, pubs and café – increasing the help to £1,500 next year.

The chancellor also confirmed agreement had been reached with the Welsh Government on the full devolution of business rates.

‘This is a great opportunity to grow the Welsh economy,’ Mr Osborne told MPs.

SIGN UP
For your free daily news bulletin
Highways jobs

Interim Head of Fostering

Tile Hill
Negotiable day rate
We are working with a local authority client in London who is looking for an Interim Head of Fostering, the local authority was last inspected as “... London (Central), London (Greater)
Recuriter: Tile Hill

Interim Head of Children in Care and Care Leavers

Tile Hill
Negotiable day rate
We are working with a local authority client in London who is looking for an Interim Head of Children in Care and Care Leavers, the local authority... London (Central), London (Greater)
Recuriter: Tile Hill

Head of Regeneration and Economy

City of York Council
£59,593 - £68,094
York is a wonderful place to live and work and it is quite rightly famous across the globe. York, North Yorkshire / Hybrid
Recuriter: City of York Council

Clinical Lead, North Essex

Essex County Council
Negotiable
Clinical Lead, North EssexPermanent, Full TimeUp to £57,869 per annumLocation
Recuriter: Essex County Council

Assistant Director Legal,&Governance/Monitoring Officer

Rochdale BC
£70,340 - £81,589
The Assistant Director role has breadth of responsibility beyond legal services incorporating Constitutional and Democratic Services Rochdale, Greater Manchester
Recuriter: Rochdale BC

Partner Content

Circular highways is a necessity not an aspiration – and it’s within our grasp

Shell is helping power the journey towards a circular paving industry with Shell Bitumen LT R, a new product for roads that uses plastics destined for landfill as part of the additives to make the bitumen.

Support from Effective Energy Group for Local Authorities to Deliver £430m Sustainable Warmth Funded Energy Efficiency Projects

Effective Energy Group is now offering its support to the 40 Local Authorities who have received a share of the £430m to deliver their projects on the ground by surveying properties and installing measures.

Pay.UK – the next step in Bacs’ evolution

Dougie Belmore explains how one of the main interfaces between you and Bacs is about to change.