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  • Tax Day: Treasury publish their interim report

Tax Day: Treasury publish their interim report

Treasury publish interim report summarising the Business Rates Review call for evidence submissions.

08 Apr 2021, 1 min read

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.

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    A fair business rates system that rewards investment

    The UK’s legacy business rates system has – for too long – created barriers and economic distortions, hampering business investment and holding back areas of slower growth. Up to 50% of business investment is currently subject to business rates, the highest property tax within the OECD. The UK needs a reliable system which keeps pace with changing business models and the economic environment. This opportunity must not be missed.