Spring Budget 2017: What this means for corporation tax and business rates
Cathy Bryant, a lawyer specialising in business tax at law firm Blake Morgan, said: “As with any Budget, there will be winners and losers.
“The commitment to reducing the corporate tax rate to 17 per cent by 2020 will provide the business community with much-needed certainty and show that Britain is very much open for business.
“The revaluation of business rates will be less welcomed by most businesses, particularly in wealthy areas where rates are expected to increase significantly in line with soaring property prices in those areas.
“The £300m of rates relief in England will be of some comfort to smaller businesses but it remains to be seen how the fund will be divided up and how it will work in practice. It also remains to be seen how the devolved administrations will deal with this.
“Many businesses will already have contingency measures in place to cope with the changes, but many will not, and it will be a real test of the strength of some businesses to see how they fare with these increases.”