The Treasury has announced it is delaying its final report on business rates until later this year, as a result of the current uncertainty. The release date has been deferred until the Autumn, where it is hoped there is more economic certainty.
A ‘fundamental review’ into the long-term future of business rates in England was announced by Chancellor Rishi Sunak during last year’s Budget.
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.
An interim report including a summary of responses to the call for evidence will be published on 23rd 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 3rd March. We’ll issue a summary as soon as possible after the Chancellor’s speech, bringing you up to date on details, and post further stories once we have seen the detail behind those announcements.