For immediate release:
RATES CAP SAVES SOUTH LANARKSHIRE BUSINESSES £4 MILLION
New figures released by the Scottish Government estimate that businesses across South Lanarkshire will save £4.2 million in 2019/2020 through a policy move to protect small businesses.
During the Budget process, the Scottish Government decided to cap increases in poundage rates to below inflation which will result in lower business rates for firms across Scotland.
Poundage rates are the rateable value of a property multiplied by a tax rate, which will be £0.49 from April.
The move will save businesses in Scotland a total of £35.2 million – leaving 90% of businesses facing a lower poundage than in England.
Commenting, Rutherglen MSP Clare Haughey said:
“It’s great news that businesses across South Lanarkshire will save £4.2 million thanks to the Scottish Government’s latest measure to protect small businesses.
“This cap ensures that over 90% of properties in Scotland and all small and medium-sized businesses will pay a lower poundage than they would in other parts of the United Kingdom.
“In the face of Westminster chaos, this Scottish Government has delivered a package of new initiatives that deliver for Scotland’s economy while safeguarding the future for small businesses.”
SAVINGS IN POUNDAGE RATES:
|Argyll & Bute||0.4|
|Dumfries & Galloway||0.6|
|Edinburgh, City of||4.5|
|Perth & Kinross||0.7|
Quote from Cabinet Secretary for Finance, Economy and Fair Work, Derek Mackay MSP, regarding the cap and ‘90%’ statistic used:
“This year, I will go further—I announce today that we will cap the increases in the rates poundage in Scotland in 2019-20 at the below inflation level of 49 pence, limiting the increase to 2.1 per cent. That will ensure that over 90 per cent of properties in Scotland and all small and medium-sized businesses will pay a lower poundage than they would in other parts of the UK.”
Source – https://www.theyworkforyou.com/sp/?id=2018-12-12.17.0
Date published: 14th March 2019