Amidst much speculation, Chancellor Rishi Sunak has today announced that the government’s fundamental review of business rates will now be published in the Autumn, when there is “more economic certainty”. An interim report will, however, be published in March.
Taking the ongoing and wide-ranging impacts of the pandemic and economic uncertainty into consideration, the government said the review’s final report would be released later in the year when there is more clarity on public finances and the long-term state of the economy.
The fundamental review of business rates was announced by the Chancellor at last year’s Budget. A call for evidence was published in July 2020 to seek stakeholders’ views on key issues including reforming the rates multiplier and looking at alternative ways of taxing non-residential property.
The call for evidence closed last year and the government is now considering the responses.
An interim report which will include a summary of responses to the call for evidence will be now be published on 23 March, along with a number of tax documents, consultations and calls for evidence on a wide-range of tax-related issues.
In a bid to provide stability to businesses and people affected by coronavirus, the government has:
- provided a business rates holiday for eligible properties in the retail, hospitality, and leisure sectors
- confirmed that the business rates multiplier would be frozen in 2021-22
- extended grants funding to cover rent, and
- the Coronavirus Job Retention Scheme to cover wages through to April.
At the upcoming Budget on 3 March 2021, the Chancellor will outline the next stages to support businesses and families across the UK.
As always, our business and tax experts at Beavis Morgan will be on hand to provide commentary and a summary of the key tax changes and what they mean for you and your business, and to guide you through the tax maze and help you with bespoke solutions to ensure that you and your business are as tax efficient as possible. Contact your usual Beavis Morgan Partner or email firstname.lastname@example.org.
To receive a full copy of our Budget Summary Report when it comes available, email email@example.com.