Landlords urge Business Rates rethink
The British Property Federation (BPF) has joined property owners and retailers in urging the government to have a rethink on the method they use to calculate commercial property tax
The current rate of 5.6 per cent is the highest monthly rate since 1991 and looks set to lead to an extra £350 million leaving the High Street and entering Government funds, according to research by the British Retail Consortium.
Ian Fletcher, director of policy at the BPF, said: "This is bad news for retailers, landlords and the economy and comes at a time when many High Streets are fighting for their survival."
While property owners can make saving if they compare property insurance, high business rates can see those savings quickly disappear.
In Mary Portas' recent review, she suggested that if the government wanted to provide increased certainty for retailers then it should consider a fixed uplift of, for instance, two per cent under the UK inflation target