Warning of £2.6bn business rates ‘cliff edge’ for retail and hospitality firms

  • 📰 ShropshireStar
  • ⏱ Reading Time:
  • 35 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 51%

المملكة العربية السعودية أخبار أخبار

المملكة العربية السعودية أحدث الأخبار,المملكة العربية السعودية عناوين

Shops, pubs, restaurants and others are set to lose 75% relief on the tax next year unless changes are made at the upcoming Budget, say experts.

Retail and hospitality firms could face a £2.66 billion a year rise in business rates in April, experts have warned.

Alex Probyn, president of property tax at data firm Altus Group, warned that the sectors face a “cliff edge” moment unless the tax break is extended in the upcoming Budget. But it has left Ms Reeves with a balancing act, between shoring up the public purse and making policies which encourage economic growth, something the new Government has cited as a key objective.

The tax is levied on businesses which have physical premises, and has long been criticised for handing digital-only companies like online retailers an unfair advantage. Then, through 2022 and 2023, skyrocketing inflation caused their operating costs to rise while the cost-of-living crisis depressed sales.

 

شكرًا لك على تعليقك. سيتم نشر تعليقك بعد مراجعته.
لقد قمنا بتلخيص هذا الخبر حتى تتمكن من قراءته بسرعة. إذا كنت مهتمًا بالأخبار، يمكنك قراءة النص الكامل هنا. اقرأ أكثر:

 /  🏆 98. in SA

المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين