Joanna Killian, Partner and Head of Local Government at KPMG UK, comments on the Spring Budget:
“The £435 million in further relief to support for businesses affected by upcoming revaluation was expected and will be welcomed by many. Local authorities will also be encouraged by the flexibility afforded by the £300 million earmarked for discretionary relief. Together the initiatives represent more than half of all new business rates support announced in this Budget.
“The high profile nature of the business rates debate will continue as we get closer to full devolution in 2020. For local authorities, their priorities will now be to forge closer relationships with their local business communities to better understand their needs and those of the economy, while also maintaining a sustainable revenue base. The way in which authorities tackle the challenge of allocating the new £300 million discretionary fund will reveal the sector’s approach before full devolution.”
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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 13,500 partners and staff. The UK firm recorded a revenue of £2.07 billion in the year ended 30 September 2016. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.