Posted by Kate Holton
LONDON (Reuters) – UK Treasury Secretary Rishi Sunak on Wednesday revised corporate tax rates and corporate tax cuts in the retail and hospitality sectors hardest hit by the pandemic, while deviating from a planned annual increase while encouraging investment in green real estate.
Sunak presented his budget to parliament and said he could not abolish a tax that is collecting £ 25 billion ($ 34 billion) annually but would try to pay businesses such as pubs, shops, restaurants, gyms, cinemas and malls relieve. Empty.
Businesses are taxed on commercial space based on property value, a system that entrepreneurs have long claimed gives online retailers like Amazon an unfair cost advantage.
Sunak said that under the new system, property valuations will be reviewed every three years instead of every five years, the business tax multiplier will be frozen for the second year, and retail businesses will be given a 50% discount for one year. Hospitality and leisure.
(Bur David Milliken and Kate Holton)
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