Business Rates Surcharge Threatens High Street Outlets
UKHospitality and the British Retail Consortium (BRC) are urging the Government to exempt hospitality and retail outlets from a planned business rates surcharge.
This surcharge would affect 5,000 high street properties with a rateable value over £500,000, resulting in a higher tax rate. The trade bodies warn that 500 premises, employing approximately 120,000 people, would be at risk of closure if the surcharge is applied.
The Government’s manifesto committed to reforming business rates and levelling the playing field for the high street.
Authors summary: High street outlets face closure due to rates surcharge.
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