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Tuesday, 4 March 2014

MPs back business rates reform

A recent report from MPs admit business rates 'are not fit for purpose' and want the current review extended to look into matters further.

They want an investigation focusing on retail taxes and whether business rates should be based on sales or property value. MPs, backed by George Osborne, would also like to see ideas for a tax system specifically for retailers.

Furthermore, they have called for a 2% cap on increases until there is a proper reform in place as well as a more welcoming rate relief to retailers who occupy empty properties.

We have blogged a few times about this issue and it finally seems like something will be done to help out struggling local retailers and shop owners. David Cameron is supporting a reform and is involved in reviewing the options available.

With sometimes extortionate business rates, many shops are forced off the high street as they cannot keep up with payments.

Let's hope we see some progress over the next few months!

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