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 believe 500 premises would be put at risk of closure, if the surcharge was applied.
- These properties employ approximately 120,000 people.
- Any closures would impact these jobs.
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.
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