The legacy business rates system in the UK is in need of urgent reform. The CBI, guided by a mandate from our member businesses who are passionate about this change, continues to campaign for a business rates system that is fair, progressive and works for everyone. The CBI’s Business Rates Conference, held in London on 8 May, was the latest step in driving this conversation forward on behalf of UK firms.
The conference provided key policy makers, including the Financial Secretary to the Treasury, with insight into how reform can be made that will ensure prosperity for businesses in the UK.
Leading the charge on the need for reform was CBI President, John Allan, stating: “Reform can’t come soon enough. The business rates system has, over time, become uneconomical, unsustainable, and frankly, unintelligible.”
5 key messages the CBI will take to government
- Exemptions and reliefs can create avoidance and evasion of business rates
- Challenges with business rates vary across the regions
- TSC inquiry expecting to provide clear recommendations for change to government
- International evidence shows that the UK is not alone in this challenge, but there are better ways to tax property
- Reform should be considered within the suite of business taxation as well as property taxation.
The CBI is developing a submission to government ahead of the Autumn Budget that will set out our position on what reform should look like in order to ensure the system works for all business.
To assist the CBI in shaping this response, please get involved.