Financial & Legal News

INSIGHT: Budget Brings Business Rates Relief for Small Businesses

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Chancellor George Osborne’s budget speech, his last before the election in May, offered some more positive news for small businesses as a review of the business rates system was formally announced. Karen Piontek, associate lawyer in Pearson’s commercial property team, welcomed the news.

“Today’s announcement that the Government is undertaking a wide-ranging review of the business rates system will be welcomed by small businesses and property owners alike.

“Increased business rates have been a key factor in shop closures on high streets up and down the country, with the decline in town centres increasing three-fold last year according to figures from PwC. As a result, any business rate tax relief will inject much-needed optimism into the small business community and hopefully encourage investment in new ventures.

“While it’s also great news that local authorities such as Greater Manchester will benefit from retaining 100 per cent of any extra revenue raised from commercial property levies, it will be interesting to see whether the Government’s review leads to a potential move away from a property-based business tax towards alternative tax bases.”

The budget also unveiled a new Help to Buy ISA, a savings accounts designed for first-time buyers which offer a £50 bonus for every £200 they save towards a deposit. The state will pay out a maximum of £3,000, on savings of £12,000.

For more information about our commercial and residential property services, please contact Karen Piontek on 0161 684 6951 or email karen.piontek@pearsonlegal.co.uk.

Also in this issue of Insight

Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.

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