The government has announced its intention to carry out a fundamental review of business rates. Apparently it recognises the role business rates have as a source of local authority income and will consider input from the sector as part of the review. It also intends to bring forward the next business rate revaluation from 2022 to 2021 and carry out future revaluations in a three-year cycle rather than the current five-year cycle.
The government has also stated its commitment to increase the retail discount from one-third to 50%, extend the discount to cinemas and music venues, extend the duration of the discount for local newspapers and introduce an additional discount for pubs.
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For further information contact:
Baker Davidson Thomas
Telephone: 01256 840 777
19th December 2019