Hospitality and Retail Outlets at Risk
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.
- 500 premises would be at risk of closure if the surcharge is applied.
- Approximately 120,000 jobs would be impacted by any closures.
The Government’s manifesto committed to reforming business rates and levelling the playing field for the high street.
Author's summary: High street outlets face closure due to rates surcharge.