View more on these topics

Treasury set to review business rates

The Treasury has finalised plans to review business rates across England, with results due ahead of next year’s Budget.

The announcement comes just days before Chancellor George Osborne is set to announce the final Budget of this parliament.

It follows an Autumn Statement promise to review rates, which came alongside a pledge to reduce the cost of rates in particular for small and high street businesses.

When it was first launched, the business rate review was not expected to alter the total sum collected from businesses, but instead review whether firms with similar turnovers could pay different figures based on the size and location of their premises.

Chief secretary to the Treasury Danny Alexander says: “Our system of business rates was created nearly 30 years ago. Since that time, the worlds of commerce and industry have changed beyond recognition. I’ve been impressed by the representations made by the business community and I know that business rates are a considerable cost.

“The Government has taken measures to help businesses by capping rates and introducing reliefs for smaller businesses. But now the time has come for a radical review of this important tax. We want to ensure the business rates system is fair, efficient and effective.”

The review is expected to published later today on the Treasury’s website, and will ask 15 questions on the calculation of business rates, as well as calling for evidence of a need for change and proposals of alternatives.

But shadow exchequer secretary to the Treasury Shabana Mahmood hit out at the plans as “a reannounced review” and promised to cut and freeze rates for 1.5m small business properties.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Good, along with Employer’s NI it’s a tax on jobs, and probably the most nonsensical tax imaginable.

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com