The final report of the government’s fundamental review of business rates will now be published in the Autumn, when there is more economic certainty.
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.
An interim report will 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.
Commenting on the delay to HM Treasury’s Fundamental Review of Business Rates until autumn, BCC Head of Economics Suren Thiru said:
“Delivering fundamental change to this longstanding drag anchor on business has become only more pressing in light of Covid-19. Delay in reforming a broken system will hamper any recovery by exacerbating business cash flow concerns as part of the fixed cost base that firms can do little to push downward. The delay in the review underscores the need to urgently extend business rates relief for retail, hospitality and leisure and provide rates relief to all firms whose ability to generate revenues are severely impaired by the pandemic.”