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Daily Tax Report: International

U.K. Extends Property Tax Relief for a Year to Virus-Hit Sectors

March 17, 2020, 7:24 PM

The U.K. government is extending business property tax waivers to all companies in the retail, hospitality, and leisure industries as part of a multi-billion pound rescue package for businesses affected by coronavirus.

“That means every single shop, pub, theater, music venue, restaurant, and any other business in the retail, hospitality, or leisure sectors will pay no business rates whatsoever for 12 months,” Chancellor of the Exchequer Rishi Sunak said Tuesday.

  • The measure to waive business rates, which will be welcomed by large retailers and hotel chains, comes less than a week after Sunak announced 1 billion pounds ($1.2 billion) in economic measures in the spring budget to help businesses amid the outbreak of the respiratory disease Covid-19.
  • The business rescue package also included 330 billion pounds ($399 billion) of government-backed loans.
  • Businesses eligible for the waiver may need to apply to their local authority to receive it.

To contact the reporter on this story: Hamza Ali in London at hali@bloombergtax.com

To contact the editors responsible for this story: Meg Shreve at mshreve@bloombergtax.com; Yuri Nagano at ynagano@bloombergtax.com

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