February 25th, 2020.
Chancellor Rishi Sunak may scrap business rates in favour of a tax based on tax values. This land value tax would be levied on landlords, delivering a potential tax cut for hundreds of thousands of small businesses which rent premises.However, any change could be years away, and for now, the new chancellor will announce a “fundamental” business rates review in his March 11 Budget, according to The Times.
A separate package of measures will be included in the budget to provide more short-term relief, the newspaper reported.
Small retail businesses complain they shoulder an unfairly high burden from business rates, which are based on shop rental values and are paid by tenants, rather than landowners.
For the full story at smallbusiness.co.uk CLICK HERE.