In today’s Budget announcement, the Chancellor of the Exchequer announced that he is more than doubling small business rate relief.
The Chancellor is raising the threshold from £6,000 to £15,000 permanently. This will come into effect from 1st April 2017.
This is a positive move for riding schools and livery yards, including those approved by The British Horse Society (BHS), many of whom currently feel burdened by the cost of business rates. Only the smallest equestrian facilities can currently benefit from small business rate relief – this is because the facilities required to function as an equestrian business tend to bring riding schools above the current threshold to apply for small business rate relief. Now the Chancellor has more than doubled the threshold, more equestrian centres will be eligible for this relief.
On behalf of its members, the BHS has engaged with both HM Treasury and the Department for Communities and Local Government on the issue of business rates, asking for a more beneficial, less burdensome and less bureaucratic system.