New chancellor Rishi Sunak has confirmed the government’s “fundamental review” of business rates will be completed in time for the autumn statement.
Delivering his first budget today, Sunak launched the long-promised fundamental review of business rates that will report in the autumn. A call for evidence will also be published in the spring.
The government confirmed that it would put in place temporary measures that would remove business rates for all businesses with a rateable value of £51,000 to help them survive the economic effects of the coronavirus outbreak.
Sunak also extended this to all leisure and hospitality businesses under the threshold, in a tax cut he said would be worth £1bn.
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