Autumn Budget 2021: Chancellor to cut business rates by £7bn

Corporation tax increasing

Chancellor Rishi Sunak said the government will not be abolishing business rates but will instead "make the existing system fairer" in his address to Parliament in the Autumn Budget, announcing measures to cut business rates by £7bn.

The Autumn Budget introduced reforms to business rates, including more frequent revaluations every three years from 2023, relief for those adopting solar panels and a 12-month rate holiday on property improvements. Autumn Budget 2021: Sunak introduces new fiscal rules as OBR revises growth forecast Sunak said: "First, we will make the business rates system fairer and timelier with more frequent revaluations every three years. The new revaluation cycle will be delivered from 2023." He also announced that a green investment relief will be introduced to encourage businesses to adopt g...