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News Release

London

Extension of rate relief for small business announced

2011 Autumn Statement - Jones Lang LaSalle comments


London, 29th November 2011 – The Chancellor of the Exchequer announced today in the 2011 Autumn Statement that the Government will extend the current small business rate relief holiday for a further six months from 1 October 2012.

Tim Beattie, Head of Jones Lang LaSalle's Rating team says: “'The Chancellor’s statement that he will extend the current small business rate relief holiday for a further six months from 1 October 2012 is very welcome news for those businesses that qualify. However what all business desperately wanted in the current economic climate was for the Chancellor to limit the swinging 5.6% increase to the rate multiplier set to take effect from 1 April 2012 rather than just defer 60% of the increase equally over the following two years. This was a very complex system when used under the previous Labour administration in 2009.”