Firms handed £2.3bn reprieve in business rates indexation change

Firms handed £2.3bn reprieve in business rates indexation change

Firms handed £2.3bn reprieve in business rates indexation change

The personal allowance - the amount of money you can earn before you start paying income tax - will rise with inflation from the current level of £11,500 to £11,850 from April 2018.

He said: "Multinational digital businesses pay billions of pounds in royalties to jurisdictions where they are not taxed and some of those relate to United Kingdom sales".

"Multinational digital businesses pay billions of pounds in royalties to low-tax jurisdictions where they are not taxed", Mr Hammond said in his Budget speech.

So, whilst we are pleased the Chancellor has listened to our longstanding call to peg business rate rises to CPI, which at 3% is lower than the RPI 3.9%, it's a shame the government has taken so long to do this. The Chancellor should have gone further.

"Even with rates rises limited next year to September's CPI rate of 3%, this still drives revenue receipts up by £884 million, with the struggling retail sector shouldering £226 million of that rise", Alex Probyn, president of the United Kingdom business rates division of Altus Group, said.

In addition to freezing alcohol duty across the board, Chancellor of the Exchequer Philip Hammond unveiled some welcome changes to business rates today.

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Business rates are taxes to help pay for local services, such as police and firefighters, charged on most commercial properties, including shops, warehouses, pubs, cafes and restaurants.

In addition, revaluations of business rates will now happen every three years to ensure changes to rates will not be so dramatic as they were this year. "This Conservative Government is listening to our small businesses".

"A switch to CPI brings a concession in tax rises of about £85 million for London, but this is a pretty cheap giveaway by Government".

It means offices covering multiple floors in a building would be billed separately if their corridors or staircases are communal, rather than private to the business.

Mr Hammond also announced that online marketplaces will be jointly liable with sellers for Value-Added Tax in order to address online Value-Added Tax fraud, which costs the taxpayer £1.2 billion a year.

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