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Business rates to go for 120,000 Scottish small businesses

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From April 2009, some 120,000 small businesses in Scotland will not have to pay business rates.

In a deal to win the Tories' support for their first budget, the SNP have agreed to advance the policy of cutting business rates for Scottish businesses.

The move, which will see an estimated 120,000 small businesses pay no business rates from April 2009 and a further 30,000 enjoy rates reductions of between 25% and 50% rates, was announced by Finance Secretary, John Swinney.

Swinney told the Scottish Parliament, "I have confidence in Scotland's wealth creators and know that this unprecedented investment in their growth and success will spur them on to deliver new opportunities, new employment and new ventures in towns, villages and cities across Scotland.

"Our small businesses form the lifeblood of Scotland's communities and this government stands full square behind them.

"I believe this measure can mark the start of a new era for high streets across Scotland – the challenge for our business community is to invest in their own success so we can, once again, see Scotland's town and village centres flourish and thrive."

 

The move has been widely welcomed by business groups. Andrew Watson, spokesman for the Federation of Small Businesses in Scotland, said: "Overnight, Scotland will become one of the most attractive places to start up or grow a business, and that will have a huge impact on economic growth."

The Forum of Private Business spokesperson for Scotland, Jim Gorie added, "The Scottish Assembly's decision to free 120,000 small firms from paying business rates is a bold move and will aid many struggling companies. It is particularly valuable for start-up companies and retailers struggling with the current credit crunch."

Posted February 11, 2008

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