Asked by: Bambos Charalambous (Labour - Enfield, Southgate)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the effect of business rates on small businesses.
Answered by Jesse Norman
Business rates are an important source of funding for key local services such as adult social care and children’s services.
Small businesses may be eligible for Small Business Rate Relief (SBRR). Properties with a rateable value of £12,000 or less will pay no business rates under SBRR. For properties with a rateable value above £12,000 and less than £15,000, the SBRR will taper from 100% relief to 0%. Under SBRR, over 700,000 businesses pay no business rates.
Small businesses in the retail, hospitality and leisure sector may also be eligible for the three month extension to the business rates holiday provided at Budget 2020.
The fundamental review of business rates is considering all parts of the business rates system, including support for small businesses.