18/11/2009 - Business-rate reduction for 60%
The revaluation of local business rates next year will see reductions for two thirds of premises, according to local government minister Barbara Follett.
And for those that will have to pay more, the Government is planning a scheme to take the sting out of the new higher charges. Ms Follett said: "Revaluation makes sure that each business pays its fair share and no more - it will not raise a single extra penny for Government.
"A million properties will see an overall reduction in their rate bills next year, with some of the largest decreases in sectors such as industry and manufacturing. While the majority of businesses will see benefits on their accounting sheets, for the minority with increases we're giving the go-ahead for a £2 billion relief scheme to limit the impact on bills."
A spokesman for the British Chambers of Commerce said: "The Government's attempts to manage the revaluation process and transitional arrangements seem to be a step in the right direction.
"What will now be critical is ensuring that there are not major business winners and losers from this change, and that the implementation and communication of this process is done effectively."
Copyright © Press Association 2009
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