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UK extends commercial property tax holiday for retail and hospitality

·1 min read

LONDON, March 3 (Reuters) - Britain will extend a year-long business rates exemption for retail, hospitality and leisure businesses to the end of June, finance minister Rishi Sunak said on Wednesday.

"For the remaining nine months of the (financial) year, business rates will still be discounted by two thirds," Sunak told parliament during his annual budget statement.

Business rates are charged on the value of property occupied by business. The year-long exemption has cost the government about 10 billion pounds ($14 billion) so far. ($1 = 0.7159 pounds) (Reporting by James Davey; editing by William James)