Thousands of shops, pubs and restaurants are in line for £14 billion in relief aimed at countering next year’s rise in business rates, but the government stopped short of more fundamental reform of the tax.
The government was due to net an extra £3 billion a year in April when business rates — a levy on most commercial properties to fund local services — were expected to rise in line with inflation.
Business groups had urged the government not to let this happen, fearful that another jump might push companies into insolvency. Jeremy Hunt said that a revaluation of business rates would go ahead as planned next year but that he would “soften the blow” with £13.6 billion worth of tax cuts over the next five years.
“Nearly two thirds of properties will not pay a penny more next year and thousands of pubs, restaurants and small high street shops … Read more