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<p> </p><p>We have introduced a £1 billion business rate support package for 2014-15
including:</p><p> </p><p> </p><p> </p><ul><ul><li>a 2 per cent cap in the Retail Price
Index increase;</li><li>a discount of £1,000 for around 300,000 shops, pubs and restaurants
with</li><li>rateable values below £50,000,</li><li>doubling small business rate relief
extended for another year benefitting over half a million businesses;</li><li>a 50
per cent discount for new occupants of long-term vacant shops, and</li><li>allowing
ratepayers to pay bills over 12 instalments.</li></ul></ul><p> </p><p> </p><p> </p><p>This
package will benefit all businesses but particularly those with a lower rateable</p><p>
</p><p>value. Local authority forecasts of business rates are not available split
by rateable</p><p> </p><p>value threshold or business sector.</p><p> </p><p> </p><p>
</p><p>As at 31 March 2013, 89% of hereditaments had a rateable value of £50,000 or</p><p>
</p><p>lower. As at 31 March 2013, large properties (those with a rateable value equal
to</p><p> </p><p>or greater than £50,000) account for 72% of rateable value. These
data are taken</p><p> </p><p>from the Valuation Office Agency’s disclosure log, available
at the following link:</p><p> </p><p> </p><p> </p><p><a href="http://www.voa.gov.uk/corporate/About/Policy/disclosureLogResponses2013.html"
target="_blank">http://www.voa.gov.uk/corporate/About/Policy/disclosureLogResponses2013.html</a></p><p>
</p><p> </p><p> </p><p><strong> </strong></p><p> </p>
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