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UK delays review of business rates tax until autumn

·1-min read
FILE PHOTO: Britain's Chancellor of the Exchequer Sunak outside Downing Street, in London

LONDON (Reuters) - Britain's finance ministry said it would delay publication of its review of business rates - a tax paid by companies based on the value of the property they occupy - until the autumn when the economic outlook should be clearer.

Many companies are demanding reductions in their business rates to help them compete with online retailers.

"Due to the ongoing and wide-ranging impacts of the pandemic and economic uncertainty, the government said the review's final report would be released later in the year when there is more clarity on the long-term state of the economy and the public finances," the ministry said.

Finance minister Rishi Sunak has granted a temporary business rates exemption to companies in the retail, hospitality, and leisure sectors, costing over 10 billion pounds ($14 billion). Sunak is due to announce his next round of support measures for the economy on March 3.

($1 = 0.7152 pounds)

(Writing by William Schomberg, editing by David Milliken)