Retail body proposes business rate changes
Thu 27th February 2014, 12:04 pm
The British Retail Consortium (BRC), trade body for British retailers, has published a paper called “The Road to Reform”, which proposes a number of changes to overhaul the current system of business rates.
One of the major reforms would be to disconnect the tax from the rental value of the property, and instead base it on measures such as energy usage.
Other proposals include linking rates to the amount of corporation tax paid, or to the number of employees, favouring businesses that contribute more to the UK economy.
Helen Dickinson, director general of the BRC said: "We have a once in a generation chance to fundamentally change the business rates system and the time is right to think creatively and in the best long term economic interests of the UK.
"These potential options would be good for the public, the economy and businesses small and large, while still providing significant tax revenues for the Government.
"We now intend to analyse each one in more detail and very much hope that we will stimulate discussion that goes beyond tinkering with the existing system."
Details on average business rates in London boroughs can be found in council profiles on the Sitematch London website.
These details are only available to members, so join Sitematch London to gain access to the restricted content on the Sitematch website, and book meetings with senior representatives from London’s local authorities and public sector landowners at the next Sitematch London event on 2 April.