George Osborne announced plans this week to lower business rates for some 250,000 small firms across the UK.
There will be a new threshold for small business rates which more than doubles the current threshold of £6,000 to a maximum of £15,000.

This could save small companies up to £6,000 a year, according to the Chancellor, and will mean up to 630,000 small businesses will pay no business rates at all from next year. He also revealed that future business rates increases will be based on CPI rather than RPI, which should lead to more accurate rates bills for retailers.

Small businesses will also benefit from a cut to commercial stamp duty.

British Property Federation chief executive Melanie Leech commented: "We have campaigned for a long time for the business rates multiplier to be calculated by reference to CPI, which is a much better indicator of commercial property rental growth than the now-discredited RPI. This move, coupled with an improved appeals regime, should go some way to making business rate fairer.

"There is more that Government could have done, though, to really reform of the business rates system and we are disappointed not to see the Review suggest more frequent revaluations and greater rates relief for empty properties. Through business rates the UK levies one of the highest rates of property tax in the OECD and the tax's hefty burden deters investment by both occupiers and landlords."

Forum of Private Business ceo Ian Cass added: "The disproportionate burden of tax and regulatory adherence for small businesses is a limiting factor on their growth, and the Chancellor has partly demonstrated that he recognises this.

"We will continue to lobby for more simplification and more encouragement for investment in small private and family owned enterprises."