Other News
Majority of northwest business rates to fall, says government
Sector:Tracker
Date Created:Tue 24th Nov 2009, 10:31:17
Source:Englands North West
Link: http://www.englandsnorthwest.com
Business rates are set to drop for 60 per cent of businesses in the north-west following a revaluation, the government has announced.
There will also be a £2 billion relief scheme put in place to ease the cost for those businesses whose rates will increase.
In all, this will mean one million business properties are likely to see an average decrease of £770 in 2010/11, with approximately 150,000 of these located in the northwest.
Local Government Minister Barbara Follet said: "Revaluation makes sure each business pays its fair contribution and no more - it will not raise a single extra penny for government.
"As a result of revaluation in the north-west 144,500 business properties will see an overall reduction in their rate bills next year."
Business rates, taxes based on the estimated rental value of a commercial property, are revised every five years by the government to be in line with changes in the property market.
Property prices in the northwest are beginning to recover following the recession. A survey by the Royal Institute of Chartered Surveyors (RICS) earlier this month reported a rise in prices during October.
