Scottish Finance Secretary Derek Mackay outlined his draft 2017/18 budget to Scottish Parliament yesterday, where he announced a package of business rate reliefs.
The package includes raising the eligibility threshold for the Small Business Bonus Scheme to £15,000 and a 3.7% reduction in the business rates poundage to 46.6 pence in the pound.
Tim Roads, Rural Surveyor in Bidwells’ Perth office said:
The changes potentially provide a welcome relief to rural businesses in the face of the re-introduction of sporting rates. In addition, they may encourage renewed investment in rural businesses, with potential benefits to rural employment opportunities, as well as providing some incentive for business development and expansion opportunities to be exploited.
It is worth noting that these proposals are currently in draft and therefore subject to change.