Business rates review to be delayed until economic situation is clearer, Treasury says | Business News



Business rates review to be delayed until economic situation is clearer, Treasury says | Business News Business

The Treasury will delay publication of its review of business rates until later this year.

The findings will now be published in the autumn, when the UK’s economic situation is expected to be clearer.

The Treasury said: “Due to the ongoing and wide-ranging impacts of the pandemic and economic uncertainty, the government said the review’s final report would be released later in the year when there is more clarity on the long-term state of the economy and the public finances.”

Business rates are paid by companies based on the value of the property they occupy and Chancellor Rishi Sunak called for a review of the system in last year’s budget.

A call for evidence was launched in July and responses are being considered by the government before an interim report next month.

Businesses in retail, hospitality and leisure are benefiting from a business rates holiday during the financial year which will end on 31 March.

They are among the worst-hit by coronavirus restrictions which have kept them closed for much of the past year in an effort to limit the spread of the virus.

Some bosses have called for the £11bn tax break to be extended for a further year.

Those in retail have also said the chancellor should oversee a major overhaul of the rates system to put store-based businesses on a “level playing field” with those operating online.

Online retailers have seen strong sales growth during the pandemic and also benefit from significantly lower rates.

Mr Sunak is due to announce his next round of support measures for the economy on 3 March.



Sky News

WP Twitter Auto Publish Powered By : XYZScripts.com