Business Rates Surcharge Threatens High Street Outlets
UKHospitality and the British Retail Consortium (BRC) are calling on 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. According to the trade bodies,
500 premises would be put at risk of closure, impacting approximately 120,000 jobs.
The Government's manifesto promised to reform business rates and level the playing field for the high street. However, if hospitality and retail businesses remain eligible for the surcharge, they will face higher rates bills, exacerbating decades of overpayment.
Author's summary: High street outlets face closure due to rates surcharge.