Replace Business Rates with Local Corporation Tax

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Replace Business Rates with Local Corporation Tax

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We call on Parliament to legislate at the earliest possibility to abolish the Business Rates system in England and replace it with local corporation tax. Instead of taxing businesses on the size of their rateable property, which effectively penalises those who have to use larger areas for production whilst not necessarily creating a larger profit in the end, with a tax based on the profits made during that financial year. Each council could be given the power to add a number of pence in the pound as a local tax and collect revenue this way. It would be fairer on businesses, give a boost to industries that use large premises such as manufacturing and logistics, and give councils a direct incentive to help businesses in their local area to become profitable.

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