27 October 2021
Gerry Biddle, director of business rates, commented:
“The Chancellor made it clear that the business rates system is here to stay. However, he did announce reliefs in business rates totalling £7bn. These business rate reliefs are more generous than had been expected and are significant when considered against the annual total of business rates of £25bn.
“The annual multiplier, which is used to calculate the annual business rate liability, was due to increase next year by CPI (3%) but this increase has been cancelled. All business occupiers will benefit from this reduction, which will amount to almost £1bn in total and will assist businesses in the current challenging economic climate.
“The 50% cut in liability next year for retail, leisure and hospitality properties will be very welcome in those sectors, but will be particularly beneficial to the smaller operators - the larger ones will be subject to the ceiling of £110,000. Retail occupiers will significantly benefit from this as they pay c 25% of the total of business rates.”
@DeloitteUK for live comment
Deloitte has a range of spokespeople available to comment on today’s Budget. They can be reached on 020 7007 3333 or 0207 303 5054 or one of the following numbers:
• Debapratim De - Senior economist (07789 036 944)
• Amanda Tickel - Head of tax policy (07920 270 964)
• Rachel McEleney - Personal tax (07826 891 752)
• Alison Lobb – Corporate tax (07826 952 940)
• James Warwick - Employment tax (020 7303 6924)
• Andrew Clarke – Indirect tax (07824 895 798)
• Katherine Lampen – Climate change/sustainability (020 7303 6924 / 07920 270 964)
• Gerry Biddle – Business rates (07826 952940)
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