Tax Day: Treasury publish their interim report

As part of Tax Day, the Treasury published their interim report on the 23 March – summarising the responses to their Tranche 1 and Tranche 2 Call for Evidence consultations as part of their commitment to conducting a fundamental review of the business rates system.

The report presents wide-ranging views amongst businesses on some specific issues, such as the size of the UBR, the frequency of revaluations, the time-frame for business rates exemptions for ‘green’ P&M investments, or the potential merit of an Online Sales Tax as an alternative to business rates.

There is wide agreement on the key issues that the CBI has previously raised, pointing to a clear need for reform of many aspects of the business rates system.

The final report presenting the government’s plan for achieving the long-awaited reform is expected to be published in the Autumn of 2021.