Business rates multiplier to be frozen in 2021-22

11th December 2020

The Spending Review documents state that the freeze will ‘save businesses in England £575m over the next five years’ and that ‘the government is also considering options for further Covid-19 related support through business rates reliefs. In order to ensure that any decisions best meet the evolving challenges presented by Covid-19, the government will outline plans for 2021-22 reliefs in the New Year.’

The ACS welcomed the news and called on the government to act soon to announce further details of business rate reliefs available to businesses next year. ACS chief executive, James Lowman, said: “This is good news in that it reduces the extent to which business rates bills may increase in April 2021, but the businesses that have suffered during the Covid crisis can’t be expected to go back to paying full business rates in the next financial year. The government’s plans for rate relief in 2021-22 are going to be very important and we need to hear effective measures as soon as possible in the new year.” 

Concerns have been raised over ther lack of clarity regarding whethere businesses will be facing massive business rates rises again in April next year, once the Covid business rates holiday comes to an end.

 

Taken from: https://www.talkingretail.com/news/industry-news/business-rates-multiplier-to-be-frozen-in-2021-22-25-11-2020/

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