Business rate cuts for the high street

Business Secretary, the Rt Hon Jonathan Reynolds has again reiterated over the weekend the government’s plan to permanently cut business rates for the high street.  At present 250,000 retail, hospitality and leisure (RHL) properties receive temporary relief of 40% off their business rates bills up to £110,000 per business.

Along with plans to reduce red tape the Business Secretary has indicated that plans to permanently cut business rates for the high street, first announced last November, are expected to be included in the Budget later this year.

The tax cut will be funded by a tax rise for the very largest business properties, such as online sales warehouses.