Taking a closer look at the business rates system
In an increasingly digitalised world, it has never been a more crucial time for the Government to act and set out a path for reform to the broken business rates system. Changing business models and consumer preferences together with weak business investment and subdued growth are providing a challenging adjustment period for businesses reliant on commercial property. It is therefore vital that the tax system supports this adjustment for all sectors and regions across the economy, and not hamper investment decisions that are critical to future growth and prosperity. There are some immediate changes the Government should implement, before taking a closer look at how the business rates system is operating, with the long-term goal of developing a taxation model that is fair and effective across the whole economy.