02/10/2009 - Rates cut for two-thirds of firms
Around one million companies will have their rates bills reduced within the next year because of a five-yearly Government re-evaluation of property.
The Valuation Office will tell companies their new rateable value on Friday - with almost two-in-three expected to fall.
Government officials revealed they would be putting a £2 billion relief scheme - funded by businesses - into place to help cope with any increases.
Local government minister Rosie Winterton said: "The revaluation will make sure each business pays its fair contribution and no more - it will not raise a single extra penny for Government.
"Most businesses 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 from revaluation, for the minority with increases we're putting in place £2 billion relief scheme to limit the impact on bills. This is on top of the wider support available to help ease business pressures including discounted rate bills for small businesses and deferring tax payments."
Copyright © Press Association 2009
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