Businesses will welcome the news that the government have stuck by their manifesto commitment to launch a fundamental review into the business rates system.
11 Mar 2020, 3 min read
What have the government announced?
Hidden within the business tax section of the budget document, is “the government is launching a fundamental review of business rates to report in the autumn”.
Alongside the Budget document, the government have published a Terms of Reference for this review, which sets out the objectives, the scope of the review and the government’s next steps. In summary, the Terms of Reference says the following:
- The context: The government’s view is that revenue should continue to be raised through the taxation of non-residential land and property, while recognising that the business rates system as currently stands needs updating
- The objectives: The government’s aim is to reduce the overall burden of business, improve the current business rates system and consider more fundamental changes in the medium to long-term
- The scope: It will focus on four main areas:
- Improvements that could be made from April 2021, alongside the forthcoming revaluation, including regarding the
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