- 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.
