Hospitality, retail and leisure firms will get 50 per cent discount in business rates for one year to help them through the continuing losses caused by the pandemic.
In his budget speech, the chancellor said any eligible business, including shops, pubs and leisure centres, would deduct up to £110,000 in tax for one year on its premises.
However, Rishi Sunak dissuaded business groups from granting his desire to overhaul the widely disliked tax.
The move comes as part of a package of measures the chancellor announced to support struggling pubs.
The government will change the taxation on alcohol, with higher rates for strong drinks and lower rates for weaker ones – a measure Mr Sunak said would benefit public health.
Pubs would also benefit from a tax cut on draft beer to encourage drinking in pubs rather than at home.
The chancellor said a planned increase in duty on spirits like Scotch whiskey would be canceled starting midnight tonight, with a tax cut of £3bn.
Credit: www.independent.co.uk /