Treasury delays business rates review
The Treasury has announced it is delaying its final report on business rates until later this year.
The Government attributed the delay to the uncertainty caused by the pandemic and said the review will be released later this year where there is more clarity on the long-term state of the economy and public finances.
A ‘fundamental review’ into the long-term future of business rates in England was initially called for by Chancellor Rishi Sunak at last year's Budget, with a call for evidence being published in July 2020.
The report is expected to cover potential changes to the business rates system, such as reforming the rates multiplier and finding alternative ways to tax non-residential property.
However, an interim report including a summary of responses to the call for evidence will now be published on 23 March, alongside a range of other documents and consultations that would traditionally be published at a Budget.
Jesse Norman, financial secretary to the Treasury said:
“We are making these announcements separately to the Budget, but still all on a single day, in order to give a range of important but less high profile measures greater visibility among Members of Parliament, tax professionals and other stakeholders, and greater scope for scrutiny by them.”
The 2021 Budget will be delivered on 3 March.
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