Chancellors Autumn Statement
On 29 November 2011, the Chancellor of the Exchequer delivered the Autumn Statement 2011 which included a small business rate relief extension and a business rate deferral scheme in 2012/13.
Small Business Rate Relief
The Chancellor announced that the government will extend the current small business rate relief (SBRR) holiday for a further six months from 1 October 2012. In England, small businesses are entitled to SBRR if they only occupy one property and the rateable value of their premises is less than £18,000 (£25,500 in London) as follows:
This temporary relief was initially introduced in the June 2010 Budget for one year from October 2010. In the March 2011 Budget, the relief was extended until September 2012.
Business Rate Deferral Scheme 2012/13
The Chancellor also announced that all businesses will be given the ability to defer 60% of the increase in their business rate bills for 2012/13 based on the Retail Price Index (RPI). The deferred amount is to be repaid equally over the following two years (i.e. 2013/14 and 2014/15).