Tories pledge new review of business rates

The Conservative Party will undertake another review of business rates with a view to cutting tax levels if re-elected, prime minister Boris Johnson announced this week. In a speech to the Confederation of British Industry conference, Johnson said: “We will have a big review of business rates. Cutting rates further, particularly for SMEs to help, above all, to stimulate the high street.” The government undertook a comprehensive review of business rates at the Budget in March 2015, publishing its response a year later. Robert Hayton, head of UK business rates at real estate adviser Altus Group, said: “Essentially we will be going over old ground with the tough questions having already been asked albeit that review was fiscally neutral. “Business, of all sizes, will however be delighted to hear of the commitment to lower the overall burden as we are far too reliant upon property for tax revenues with U.K. property taxes the highest across the European Union and the standard rate of tax at its highest level since 1990.“