Please see below the letter received yesterday from Government : -

Dear all,

Today the Government has announced that the conclusion of HM Treasury’s Fundamental Review of Business Rates has been delayed to the Autumn. The relevant Press Notice has been published here: https://www.gov.uk/government/news/business-rates-review-update

I recognise that this delay may come as a disappointment to some, as businesses and interested parties continue to wait for further progress on reform of the business rates system. However, rest assured that this delay will not affect the timetable for updates on the most pressing areas of concern, which are being dealt with to a separate timetable to the overall Review. As set out by the Financial Secretary in a recent Ministerial Statement (here), the Chancellor will set out the next phase of the Government’s plans to tackle the virus, protect jobs, and support business, at Budget.

The Chancellor has taken the decision to delay the conclusion of the Review in light of the ongoing unpredictability with regard to the economic challenges currently facing the UK. We find ourselves in significantly changed economic and fiscal circumstances to those present at the launch of the Review in March 2020, and, as you will all be aware, the emergence of new variants of the virus has prolonged the return to normality further than previously hoped for.

It is right that we take decisions about matters of longer-term reform with the greatest level of clarity possible, and, as such, extending the deadline to the Autumn will allow the Government to consider these important choices with a clearer view of the road ahead.

We have announced today that the Interim Report of the Fundamental Review will be published on Tax Day, March 23. This will set out the Summary of Responses to the Call for Evidence, and an update from Ministers on the Review. Further policy development and engagement will take place over the coming months.

Ed Moore | Business Rates Review | Enterprise and Property Tax

HM Treasury, 1 Horse Guards Road, SW1A 2HQ

www.gov.uk/hm-treasury; ed.moore@hmtreasury.gov.uk.

Kind regards

Debbie Warwick - Honorary Secretary

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