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Retailers urge Rachel Reeves to deliver business rates relief

Retailers urge Rachel Reeves to deliver business rates relief

Retailers are calling on Chancellor Rachel Reeves to fulfil her commitment to reduce the burden of business rates.

The calls come as new analysis reveals a potential £2.7bn tax hike could primarily impact smaller retail, leisure, and hospitality businesses.

From April next year, over 252,000 shops, cafes, pubs, restaurants, and venues like bowling alleys could face a significant rise in property tax as a 75% relief scheme, capped at £110,000, is set to end.

The analysis from real-estate firm Altus Group found that all sectors will contribute to a £545m overall tax increase, with £250m falling on the retail, leisure, and hospitality industries

Bira trade body CEO Andrew Goodacre told The Guardian: “The Chancellor has the power to extend the retail, hospitality and leisure relief, which is absolutely vital if high streets are to be revitalised and grow. We urge the government to consider this crucial support for the retail sector.”

Altus Group president of property tax Alex Probyn added: “Despite the £22bn ‘black hole’ in the nation’s public finances, the Chancellor must now prevent a cliff edge for the retail, hospitality and leisure sectors at her upcoming budget whilst also delivering upon Labour’s manifesto.

Last week, over 70 retail bosses including execs from M&S, Primark, Poundland, Ikea and Tesco wrote to Reeves calling for reform of the current business rates system ahead of the Autumn Statement at the end of this month.

The open letter, co-ordinated by the British Retail Consortium, urges the new Chancellor to “level the playing field between industries with a retail adjustment to rates”.

It asks Reeves to introduce a Retail Rates Corrector – a 20% downward adjustment in business rates paid on retail properties – to redress the imbalance that sees the industry pay 7.4%, roughly £33bn, of all business taxes.

Of the £33bn tax bill, the BRC said one fifth is made up of business rates.

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