Bricks and mortar businesses without a significant internet presence have been clamouring for a reduction in business rates as often they feel they are at a disadvantage in paying this tax whilst multi-national large corporates largely based outside the UK often do not pay this tax (or pay relatively modest amounts as a proportion of their UK sales).
Today the Chancellor announced targeted measures which will mean that the hard hit sectors of hospitality, retail and leisure which not only were closed for substantial periods over the last 18 months, but have had to incur substantial costs to improve ventilation etc and suffer decreased customer numbers even after "Freedom Day " in July 2021, will have a substantial real cash flow benefit.
A reduction of up to a maximum of £110,000 business rates is not to be sneezed at!
Sunak added: “I’m announcing today, for one year, a new 50% business rates discount for businesses in the retail, hospitality, and leisure sectors. Pubs, music venues, cinemas, restaurants, hotels, theatres, gyms.”
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