Oct 27, 2021
Budget 2021: Business rates cut in retail and leisure
Chancellor Rishi Sunak announced a temporary 50% cut in their business rates, up to a maximum of £110,000. Beginning in 2023.In addition, from 2023, all firms, not just in retail and hospitality, would be able to make improvements to their property without having to pay extra business rates for 12 months. UK Hospitality chief executive Kate Nicholls: "We have been lobbying hard for significant reform of the outdated business rates system and therefore very much welcome the chancellor's move today to extend the 50% business rates relief for the hospitality and leisure sector for the next financial year."The devil will be in the detail so we look forward to learning to what extent it will benefit businesses. "The chancellor has been bold and radical with alcohol duty - we urge him to adopt the same approach when implementing root and branch reform of business rates, to ensure industries share the burden equally." Julian Bird, chief executive of Society of London Theatre and UK Theatre, welcomed the move, saying it would "Provide venue operators with the cushion of a lower cost base as they reopen and develop an audience post-pandemic."The 100% improvement relief for business rates, providing 12 months relief from higher bills for occupiers where eligible improvements to an existing property increase the rateable value, from 2023 will encourage innovation and enhancement of our theatre buildings," he added.
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