The CBI welcomed this opportunity to respond to the structural review of business rates on behalf of members.
The CBI’s recommendations for business rates reform, in the short term, include:
- More frequent revaluations with a shorter implementation lag.
- Switching the indexation of business rates from RPI to CPI.
- Removing businesses with a rateable value below £12,000 from business rates.
- Removing downward transitional relief to give immediate tax relief in depressed regions where property values have been in decline.
- Re-examining over £3 billion per annum of expenditure on business rates reliefs and exemptions in light of current policy priorities.
- Modernising the billing and collection of business rates.