Issue 136
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Autumn Budget- Business Rate & Energy Support But Sector Remains “Fearful”
Chancellor Jeremy Hunt’s Autumn Budget has drawn a mixed reaction from the hospitality, with leading figures saying, “the devil will be in the detail.” The Chancellor announced his Autumn Budget yesterday morning (November 17) comprising a £55 billion package of tax rises and spending cuts, which will see the government provide a £13.6 billion package of business rates support for companies. The Package Includes: • Freezing the business rates multiplier for another year to protect businesses from rising inflation • An extended and increased relief for retail, hospitality and leisure businesses worth
almost £2.1 billion • Reforming Transitional Relief so for businesses seeing lower bills because of the revaluation, the government will make sure they benefit from that decrease in full straight away, by abolishing downwards transitional reliefs caps. • The government also announced a £1.6 billion scheme to cap bill increases for businesses who will see higher bills because of the revaluation. • Protection for small businesses who lose eligibility for either Small Business or Rural Rate Relief due to new property valuations through a more generous Supporting Small Business scheme worth over £500 million.
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