ALL UK businesses need a total reform of Business Rates
Business Rates must be the subject of a “root & branch” review. In their current form, Business Rates are an unfair constraint on British businesses and their ability to deliver the growth that UK PLC needs.
• British businesses pay more in Business Rates than any EU competitor (ie, paying more than France and Germany combined);
• Business Rates are the only tax that is index-linked to inflation – ie, guaranteed to rise, irrespective of business conditions;
• For many businesses (especially retailers), Business Rates are almost the same as their property rent – without delivering matching services;
• Business Rates are geared to property values, but the Government cancelled the scheduled five-yearly revaluation that would have reduced Business Rates in line with the reduction in property values.
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