Business rates will be retained and reformed, rather than scrapped. There will be no rises for 2022 for any business – the second consecutive year that levels have been frozen. In addition, a 50% cut (subject to a maximum of £110,000) will be given to businesses in the hospitality and leisure industry, including bars, restaurants and gyms.
In an effort to encourage capital investment, the Chancellor also announced that all firms will be able to make improvements to property without seeing an increase in business rates for a year. This will include installing green technology, e.g. solar panels.
A consultation on an online sales tax – seen as a necessity to level the playing field by bricks and mortar businesses – was also confirmed.
