Chancellor Rishi Sunak's BIG Business Rates giveaway!!
The biggest business rates giveaway in 30-years, here's four key takeaways for businesses:
Retail, Hospitality and Leisure Sectors
A new one year 50% business rates discount for companies in retail, hospitality and leisure sectors, up to a maximum of £110,000. It is a cut worth £1.7bn.
Update on Business Rates Reform
Confirmation that Business rates will be retained and reformed – "We on this side of the House are clear that reckless, unfunded promises to abolish a tax which raises £25 billion every year are completely irresponsible." Aim to make the business rates system fairer and timelier with more frequent revaluations every three years from 2023.
Business Rates Improvement Relief
A new 12-month relief for companies to invest in their premises. "From 2023, every single business will be able to make property improvements – and, for 12 months, pay no extra business rates."
A new investment relief to encourage businesses to adopt green technologies like solar panels.
Business Rates Multiplier
The increase planned for 2022 has been cancelled - a cut "worth £4.6bn over the next five years".