“It is positive to see that the Chancellor has pledged to ease the burden on those hardest hit by business rate tax”, comments Jason Moseley, Director of RMI Bodyshops (NAB/VBRA).
In today’s Budget, the Chancellor confirmed that no business losing small business rate relief will see their bill increase next year by more than £50 a month.
Although he said he could not scrap business rates altogether as the tax brings in £25billion a year, a £300 million fund will be allocated to local authorities to deliver discretionary reliefs to the hardest hit by the changes.
Moseley continued, “It was also confirmed that the government would be consulting with business ahead of the next rating review in 2022.
“We will now be looking at the Budget in detail and engage with the Government to ensure that our members can benefit from future measures.”
NOTES TO EDITORS:
About the RMI
The Retail Motor Industry represents the interests of operators in England, Wales, Northern Ireland and the Isle of Man providing sales and services to motorists and businesses. The RMI has a formal association with the independent Scottish Motor Trade Association which represents the retail motor industry in Scotland.