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Chancellor’s Budget reduces business rates for the leisure, hospitality and retail sectors and provides relief for businesses carrying out improvements

Published on: 28 October 2021

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Yesterday the Chancellor of the Exchequer set out his Autumn Budget, promising support for individuals and businesses across the UK. The economic forecast predicted growth of 6 per cent in 2022 with inflation at 3.1 per cent and this will rise further over the coming year. 

Some of the key policy announcements affecting British Marine members included revisions to the business rates system. The Chancellor confirmed that firms paying business rates will benefit from more frequent revaluations every three years from 2023. 

He also announced a new 50 per cent reduction in business rates for businesses in the retail, hospitality and leisure sectors plus plans to introduce an improvement relief from 2023. This will mean that businesses undertaking property improvements, such as installing air conditioning or expanding their manufacturing premises, will pay no extra business rates for that year.

Members can contact their local authority for further information on the business rates announcements and to check their eligibility for reliefs. 

Full details of the Chancellor’s Budget can be found here.