SNP welcome increase in small business thresholds

Angus MacDonald

Councillor Angus MacDonald, SNP Economic Development Spokesperson, has welcomed the announcement by Finance Minister John Swinney in his 2010/11 Budget Speech that the Scottish Government will increase the thresholds for the Small Business Bonus, which will result in over 3,500 businesses in Falkirk District benefiting from greater business rate relief.

All businesses with a ratable value of less than £10,000 will receive 100% relief, businesses between £10,000 and under £12,000 will receive 50% relief, and businesses with a ratable value between £12,000 and £18,000 will receive 25% relief, resulting in the SNP Government delivering the best package of small business relief available anywhere in the United Kingdom.

The thresholds will be:

Thresholds by rateable value (rv) (£) 2009-10 Current threshold 2010-11 New threshold
100% relief £8,000 £10,000
50% relief £10,000 £12,000
25% relief £15,000 £18,000

Welcoming the announcement, Councillor Angus MacDonald said:

“The Finance Minister has once again acted to ensure Scotland remains the lowest taxed part of the United Kingdom for thousands of small and medium sized businesses by removing the burden of business rates for many and reducing it for more.

“This is excellent news for small to medium sized businesses the length and breadth of Falkirk District, from Banknock in the west to Blackness in the east. The continuation of this major manifesto commitment will help breath new life into businesses locally at a time when it is badly needed.

“Increasing the thresholds for business rate relief is just part of the Scottish Government’s Economic Recovery Programme, and will greatly assist small independent local retailers, for example. Who have been feeling the effects of the recession on their tills.. This action will help give the local economy a much needed boost at a difficult time for traders. 

“The news comes as another Economic Recovery initiative by the Scottish Government, the Town Centre Regeneration Fund, is in the process of finalising contracts to commit £2 million to our main district centres (Grangemouth, Denny, Stenhousemuir and Bo’ness) and Falkirk Town Centre, with a view to increasing footfall in these areas. The £2 million funding must be fully committed to the various projects by 31st March, and I look forward to the work on the various projects commencing in the near future.”

The Falkirk area has a large resource of talent and energy and a more prosperous Falkirk District will clearly benefit all sectors of local society.”

 

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