Sunday, 14 June 2015

Business rates could lead to 80,000 shop closures

The retail industry has warned that over 80,000 shops face closure by 2017 unless the Government drastically overhauls the business rates tax system. The findings are the result of a comprehensive study of the tax by the British Retail Consortium, based on retailers not renewing their leases on the 60% of high street stores that will see their rental agreement expire by 2017. Business rates are estimated to bring in £28bn for the Treasury this year, but there are growing concerns about the burden of the levy and that it disproportionately punishes retailers with shops across the country.

No comments:

Post a Comment