Business asks Hammond for special "Brexit Investment Allowance"
Both the British Chambers of Commerce and the British Retail Consortium have urged Philip Hammond to postpone the annual uprating of business rates for the next two years to stimulate investment and raise productivity. Freezing business rates is just one proposal the BCC said could be funded by postponing planned cuts to corporation tax from 19% to 17% by 2020 until after Brexit. A special "Brexit Investment Allowance" should be introduced, the BCC said, to boost investment while the government negotiates the UK"s exit from the EU. The BRC said failure to freeze rates will add £270m to retailers" bills.
Source: The Times (24/10/2017)