Business Rates Review Update
The final report of the government’s fundamental review of business rates will now be published in the Autumn, it was announced today, 19 February.
- government to publish final report on fundamental review of business rates in Autumn 2021 - when there is more economic certainty
- Review was announced by the Chancellor at last year’s Budget and call for evidence closed late last year
- an interim report – which will include a summary of consultation responses - will be published on 23 March
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.
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 current considering 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 evidences on a wide-range of tax-related issues.
The government has made available unprecedented levels of support to businesses, to counter the economic impact of the Covid-19 outbreak. As part of its £280 billion package to support jobs affected by coronavirus, the government has provided a business rates holiday for eligible properties in the retail, hospitality, and leisure sectors, worth over £10 billion to ratepayers. The Spending Review also confirmed that the business rates multiplier would be frozen in 2021-22, saving businesses in England £575 million over the next five years.
The government has also extended grants funding to cover rent and the Coronavirus Job Retention Scheme to cover wages through to April to provide further stability to businesses and people.
At the upcoming Budget the Chancellor will outline the next stages to support businesses and families across the UK. That has been the government’s priority throughout the past year and it will be the priority for the year to come.
Latest News from
Rail centre and green energy funding in Budget boost for Wales05/03/2021 16:22:00
The extension of UK wide support schemes were also announced by the Chancellor in his 2021 Budget.
Chancellor Statement - Budget press conference04/03/2021 15:20:00
Speech delivered yesterday by the Chancellor Rishi Sunak.
Independent review recommends reforms to UK Listing rules to boost growth and markets03/03/2021 15:05:00
Reforms to the rules that govern how companies raise finance on public markets will ensure the UK remains one of the most attractive places to grow and list successful innovative companies, according to a new review published today (3 March 2020).
Budget 2021 sets path for recovery03/03/2021 14:40:00
In a Budget which ‘meets the moment’, the Chancellor has today (3 March) set out a £65 billion three-point plan to provide support for jobs and businesses as we emerge from the pandemic and forge a path to recovery.
Budget 2021: What you need to know03/03/2021 13:40:00
Measures announced by Chancellor Rishi Sunak in the Budget.
Government completes final £5 billion sale of Bradford & Bingley plc and NRAM Limited01/03/2021 12:48:00
A £5 billion sale of Bradford & Bingley plc and NRAM Limited (formerly Northern Rock) and their remaining loans, acquired by the taxpayer as a result of the financial crisis, was recently (26 February 2021) announced.
UK’s global fintech leadership bolstered by new review26/02/2021 12:25:00
An independent review has set out a plan for the UK to retain its global leadership in fintech by helping the country’s financial technology firms to scale up, access the talent and finance they need, and deliver better financial services.