Hospitals and police stations hit by plan to help the High Street
Hospitals and police stations in England will be forced to pay a new ‘levy’ under ‘ill-conceived’ plans to ease pressure on the High Street, according to analysis.
Universities, prisons, barracks and even HM Treasury’s headquarters in Westminster will also be included in the tax hike, according to commercial property company Altus.
Rachel Reeves said in the Budget that Labor plans to reduce the tax burden on smaller businesses through a permanent cut to the ‘multiplier’ used to calculate their taxes.
‘Poorly thought out’: Hospitals and police stations in England will have to pay a new ‘levy’
That will be paid for by a new, higher multiplier for higher-priced properties, intended to ensnare warehouses used by major online retailers.
However, figures from Altus show that while this levy will cover 1,589 large warehouses, it will also affect 15,278 non-domestic properties, including 297 NHS hospitals, 310 universities, army barracks and courthouses. Altus’s Alex Probyn said it was ‘poorly thought out’.
The Treasury said it was “in discussions with stakeholders to finalize plans.”
DIY INVESTMENT PLATFORMS
A.J. Bell
A.J. Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund trading and investment ideas
interactive investor
interactive investor
Invest for a fixed amount from € 4.99 per month
Sax
Sax
Receive €200 back in trading fees
Trade 212
Trade 212
Free trading and no account fees
Affiliate links: If you purchase a product, This is Money may earn a commission. These deals have been chosen by our editors because we believe they are worth highlighting. This does not affect our editorial independence.