The Chancellor’s failure to address the interest burden is “desperately disappointing,” business leaders warn
Jeremy Hunt’s failure to address the burden of corporate tariffs was “desperately disappointing,” bosses warned.
The Chancellor faced calls to reform the taxation of shops, pubs and other business premises based on rental value.
Critics say it falls disproportionately on those present in city centers, while online players face lower bills.
Retail pain: Chancellor faced calls to reform tax on shops, pubs and other business property based on rental value
But Hunt hasn’t made any changes, as retailers warned it remains a burden.
Helen Dickinson of the British Retail Consortium said: ‘Tariffs should be paid in full whether companies make a profit or a loss.
This makes business rates the final nail in the coffin for many; closing shops, costing jobs and preventing openings.’
The government has promised a review, but despite some changes to the tax, Dickinson said ‘further reform is needed’.
Corporate rates expert John Webber said: “The lack of decisive action is hugely disappointing and will have wider implications for overall property markets.”