Embargoed: 00:01 Saturday 1st December 2018
As Brits flock to high streets to support their local shops on Small Business Saturday, the TaxPayers’ Alliance has published a new proposal on how to make business rates valuation fairer and more efficient. Entrepreneurs up and down the country are struggling under the enormous burden of sky-high business rates bills and shoppers are concerned about the death of their high streets - for so long the hub of the community.
Whilst lowering business rates across the board might sound like a quick fix, this could just result in increased rental prices, meaning that any universal reduction in business rates will ultimately benefit the landowners rather than the entrepreneur occupying the commercial property.
But the burden of business rates must be addressed. The TPA is calling for the opportunity for entrepreneurs to appeal business rates valuations if the rental value of a property declines significantly between official valuations. This could bring immediate relief for businesses where rents are falling but business rates are not.
Responding to the report, John O’Connell, Chief Executive of the TaxPayers’ Alliance said:
“Business rates are one of the most damaging taxes for small firms, especially those on our high streets. The issue comes up again and again during our grassroots campaigning - the tax is far too high, applied unfairly, poorly administered and in need of reform. Today is a day to celebrate the millions of small businesses in the UK, and that's why we are publishing some practical steps that the government can take to immediately make it easier for entrepreneurs to appeal and reduce their tax burden. It's time that our politicians back their supportive words for business with action.”
TPA spokesmen are available for live and pre-recorded broadcast interviews via 07795 084 113 (no texts)
Campaign Manager, TaxPayers' Alliance
24-hour media hotline: 07795 084 113 (no texts)