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The Government has delayed the final report of its review of the business rates system, says commercial property agent Prop-Search due the continuing impact of the Covid pandemic and economic uncertainty. The results will now be published in the Autumn.
The review of business rates was announced by the Chancellor Rishi Sunak in last year’s Budget, with the key aims’ of reducing the overall burden on businesses, improving the current business rates system, and considering more fundamental changes in the medium-to-long term.
A call for evidence was published in July last year seeking stakeholders’ views on key issues that included reforming the rates multiplier and looking at alternative ways of taxing non-residential property.”
Samantha Jones, an Associate Director of Prop-Search, said: “Many retailers want to see store-based businesses put on a level playing field with those operating online. This issue is gaining further momentum with the various lockdowns driving the public more towards on-line shopping and this sector reporting strong sales growth.”
“It is therefore absolutely vital that the Government uses the extra time to ensure it gets this right. After the recent misery retailers have faced during the pandemic, a properly functioning, equitable rates system is now more critical than ever.”
In the meantime, to support High Streets calls are being made for the Chancellor to extend the business rates holiday due to end at the end of March.