Business rate changes ‘good for economy’
BUSINESS rates changes coming into force tomorrow will help stimulate the economy and improve transparency, the Scottish Government have said.
Under the changes, there will be no rates for unoccupied new properties and tenants who take them on will be rates-free for the first year.
Where properties are improved, they will not pay any additional rates as a result of the improvement for 12 months.
Eligible childcare nurseries will receive up to 100 per cent relief, saving the sector about £6million next year.
The changes were announced last September following the Barclay review of business rates.
Finance Secretary Derek Mackay said: “These changes, many of which are unique to Scotland, will help our businesses to continue to thrive while also ensuring they make an appropriate contribution to important local services.
“When I appointed Ken Barclay to review the rates system, I tasked him with updating it to better support business growth, encourage long-term investment and enable businesses to better navigate fast-changing marketplaces.”
The Federation of Small Businesses’ Scottish policy convenor Andy Willox said: “These new measures from the Scottish Government take us a step closer to developing a fairer, smarter rates system.
“FSB made the case for these changes in our submission to the recent rates review, and we’re pleased to see Ministers turn them into real help for local firms.”